Student loan delinquents to be reported to credit bureau
Written by Chang on Sunday, October 12th, 2008
Student loan delinquents to be reported to credit bureau
TOKYO - A student loan provider under the supervision of the education ministry is planning to report delinquent borrowers to a bureau that logs consumer credit histories, a move that may make it difficult for them to access bank loans or use credit cards, sources close to the matter said Friday.
The Japan Student Services Organization is planning to join by the end of this year the bureau that counts around 1,400 banks and other financial institutions among its members, hoping that the step would help stem a growing number of overdue payments, according to the sources. The organization collected less than 80% of the 317.5 billion yen it needed to collect from borrowers in fiscal 2007. It also has 225.3 billion yen in loans in arrears for more than three months that are deemed to carry risks of default.
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News Topics : Arrears, Bank Loans, Banks, Consumer Credit, Credit Bureau, Credit Cards, Credit Histories, Delinquent Borrowers, Delinquents, Education Ministry, Financial Institutions, Japan, Loan Provider, Overdue Payments, Services Organization, Student Loan, Supervision, Three Months, Tokyo, Yen
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