What Is MCW's Policy?
The Medical College of Wisconsin requires a clean credit report from each applicant offered an acceptance to the Medical College of Wisconsin, as students may need to rely on funds from private loan programs to finance their medical education.
When Should I Order My Credit Report?
If you plan to attend the Medical College of Wisconsin, we strongly recommend that you order a copy of your credit report as soon as you leave your interview. This will give you time to receive it from the company and to look it over for any adverse information that needs to be corrected.
What Is Adverse Information?
Although different lenders may vary slightly in their criteria of clean credit, most agree that a credit report cannot include bankruptcies, foreclosures, repossessions, charge-offs, judgements, unpaid collections or excessive past due accounts (i.e. 30, 60, 90 or 120 day delinquencies) on consumer loans or revolving accounts within the past two years. If there is adverse information on your credit report, you may be denied a loan.
What If I Have Bad Credit?
If you are unable to present a clean credit report by the deadline, you must complete a Documentation of Financial Availability (DFA) form and provide supporting documentation of your ability to pay $159,000 per the credit report policy of the Medical College of Wisconsin. The DFA form will be provided by the Financial Aid Office. The decision of acceptable documentation will be made by the Financial Aid Office at the Medical College of Wisconsin and will be considered final.
What If I Have No Credit?
A person who has never had any type of credit extended to them would not have an established credit history. Most reporting agencies will send a letter indicating that based on the information you sent them, they are unable to find any credit history on you. The Financial Aid Office will accept a copy of that letter along with this signed statement.
What Is My Deadline Date?
A deadline date will be given to you from the Office of Admissions after you have been accepted. Do not wait until the last minute to obtain a copy of your credit report; it can take up to 4 weeks to receive it from the company. If the Financial Aid Office does not receive a copy of your credit report without adverse information by your deadline, your acceptance will be rescinded and you may not exercise the delayed admission option.
How Do I Obtain A Copy of My Credit Report?
You can request your credit report at www.annualcreditreport.com. You are entitled to receive a free copy of your credit report annually from each credit bureau; TransUnion, Equifax, and Experian.