The routine uses of this information include, but are not limited to, its disclosure to federal, state, or local agencies, to private parties such as relatives, present and former employers, business and personal associates, to
consumer reporting agencies, to financial and educational institutions, and to guaranty agencies in order to verify your identity, to determine your eligibility to receive a
loan or a benefit
on a
loan, to permit the servicing or collection of your
loan (s), to enforce the terms of the
loan (s), to investigate possible fraud and to verify compliance with federal student financial aid program regulations, or to locate you if you become
delinquent in your
loan payments or if you default.
Consumers who only defaulted
on their mortgage during the recent recession were far better risks than those who went
delinquent on multiple credit accounts, like credit cards and auto
loans, according to a 2011 study by TransUnion.