We as potential car buyers go to great lengths to ensure we are not a victim of credit card fraud or identity theft so that we don't have to get a car loan with bad credit or employ credit rebuilding tactics.
However, what people don't consider is that credit card fraud is the same as ID theft, and the outcome can differ. To better understand these forms of fraud we will explain the differences, as well as how to repair credit scores if you are a victim.
For most people losing a credit card or having one stolen means they will be a victim of identity theft, but that is always the case. When an individual comes into possession of your card and makes charges this is actually considered "account takeover", since a person only has access to your bank account. Not many people are forced to use special auto financing loans with bad credit after having their account taken over because of how quick most credit card companies are with spotting unnatural charges.
Most credit monitoring services are usually looking for these uncommon traits to help tip them off to possible account takeover:
On the other hand, identity theft is when a person as access to information that ties to your personal identity, which can eventually lead to sub prime auto financing. Now unlike a stolen credit card, an ID thief can use your security number, name, and address to sign-up for loans, credit cards, and other bills with the intention of never making a payment. This is when your chances of having car loans for bad credit history become much more possible as lenders will eventually track you down and hold you responsible for paying off this line of credit.
However, it is still possible to catch or block fraud before anyone gets away with your information with the help of various credit monitoring companies or by using certain tips that allow you to safeguard your own credit history. Using tools like these will reduce the possibility of you ever becoming a victim of ID theft while also keeping you involved with the status of your fico score.Here at AutoNet Financial we help provide the best bad credit auto loan opportunities for people that earn over $1,500 per month, regardless of how long they have been on the job. We also offer helpful advice on local loan companies, do-it-yourself credit repair tips, and how to maintain a great auto financing lifestyle that well help get a vehicle loan today.