Credit challenged consumers looking for a bad credit car loan can get a step ahead by ordering a free credit score courtesy of the Fair Credit Reporting Act
The best bad credit web sites
Web sites such as www.autonetfinancial.com are in the business of helping their customers reestablish their credit by filling out a bad credit car loan application and financing either a new or a newer pre-owned vehicle with bad credit automotive financing through high risk lenders. These applicants, if approved, can raise their credit scores and reestablish their car credit by financing a vehicle with a bad credit auto loan. We also do our best to educate these consumers on the bad credit car loan process as well as the different types of lenders that are involved with these types of transactions. This is because unlike tote the note dealers, these second chance car loans originate with lenders that report your payment history to the credit bureaus, which can result in either raising or lowering a credit score.
Free credit scores
Speaking of credit reports, if you’ve spent any time at all on the internet you have probably been besieged by various ads offering you a free credit score. But do you really need this kind of service and, more importantly, how can these companies afford to advertise it if it really is free?
Although many of the ads are simply a come-on to induce you to pay for additional services, there is one site that will allow you to view and print your report from all three agencies without paying a dime.
What a credit report contains
A credit report is simply a record of your borrowing and repayment history. Banks, credit card companies and many other places that extend you credit report your payment history to one, two or even all three of the major credit reporting agencies in the United States – Equifax, Trans Union and Experian. This type of credit is known as “applied for” credit, which means that you actually requested to borrow money from the reporting lender.
Your credit report may also contain “not applied for” credit entries. These entries include items such as bad checks, unpaid medical bills and any tax liens or civil judgments (bills that are not a result of a credit application). If you are someone who pays all your bills on time, you will not have “not applied for” credit entries listed in your credit report.
Why you should view your credit report
Viewing a credit report from each of the three bureaus will let you know if there is anything they contain that is inaccurate. If there is, much of this incorrect information can lower your credit score. It will also give you a chance to correct this information before applying for an auto loan.
Speaking of auto loans, if you plan on buying a car, knowing your FICO score and credit history will tell you whether or not you qualify for a regular car loan or if you need to find a dealer that specializes in bad credit car loans. If you find that you fall into the bad credit car loan category, the people here at Auto Net Financial can help you find a dealer that can arrange car financing. Simply go to our website at www.autonetfinancial.com and fill out our bad credit car loan application in the comfort and privacy of your home.
Better than a free lunch
As the old saying goes, “there is no such thing as a free lunch”. But in this case, there actually is a way that you can get a credit score from each of the companies for free! Back in 1970, The United States Congress passed the Fair Credit Reporting Act that, among other things, ensured that consumers would have access to the information in their credit files. The law was amended in 1996 and in 2003 a new law (the Fair and Accurate Credit Transactions Act or FACTA) amended the act to require credit reporting agencies to furnish consumers with one credit report at no charge per year per agency – as well as access to their FICO scores for a reasonable fee (meaning that the scores aren’t part of the free package).
How to get your report
There are three ways to receive your report. You can call the toll-free numbers of the 3 credit bureaus, you can write the three bureaus or you can go to this website: www.annualcreditreport.com. Once there, you will be asked to furnish them with information that establishes your identity. After doing this, you can view and download the report immediately.
Making life easier
A number of companies, including the web site freescore360.com, will, for a fee, furnish you with a credit report from each of the bureaus plus a credit score from each. Credit monitoring services are also available that will help you guard against identity theft.
For more information
At Auto Net Financial we have helped all kinds of people with bad, blemished, bruised, and tarnished credit buy cars and reestablish their auto credit at the same time. Our nationwide network of affiliate dealers specializes in bad credit car loans. So if you are serious about getting your credit back on track, you can begin the process right now by filling out our secure online bad credit car loan application.
For more information, feel free to visit www.autonetfinancial.com to see what we can do for you.
