You can improve your chances of getting approved for a bad credit auto loan by getting a free credit score courtesy of the Fair Credit Reporting Act
We’re free, too!
Our car loans with bad credit web site at www.autocreditexpress.com has helped thousands of applicants with bad credit find the right dealer so that they can reestablish their auto credit. The process can be started simply by filling out our auto loans for bad credit online loan application. By avoiding a tote the note dealer and qualifying for a second chance auto loan at one of our affiliate dealers you will not only be able to reestablish your car credit, you should be able to improve your credit scores at the same time.
But there are some pitfalls that should be avoided. Too much car, that is, one that’s too expensive, can stretch a budget and might result in repossession. If this happens, the only remaining choice for most bad credit car loan buyers is a tote the note dealer. It also means that rebuilding your auto credit has to be put on hold for at least a year, since lenders who originate bad credit car loans will only consider applicants with a repossession on their credit report that’s over a year old. A free credit score
Speaking of credit reports, if you’ve spent any time at all watching late night television or surfing the internet, you’ve probably been besieged by the numerous commercials and paid advertisements 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?
The fact is that many of the ads are simply a come-on to induce you to pay for additional services. There is, however, one site that will allow you to view and print your credit reports from the three major credit bureaus without paying a dime.
But before we get into that, let’s first see what a credit report actually is
The credit report
A credit report is simply a credit bureau’s record of your borrowing and payment history. Banks, credit card companies and many other places that extend you credit report how you paid them to one, two or all three of the major credit reporting agencies in the United States – Equifax, TransUnion and Experian. This type of credit is known as “applied for” credit – which simply means that you 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, medical bills and any tax liens or civil judgments – that is, bills that you owe that are not a result of a credit application. Simply put, if you pay all your bills on time, you won’t have any of these “not applied for” entries listed on your credit reports.
Viewing your credit reports
Viewing each of your credit reports will also let you know if there is anything that they contain that is incorrect. If there is, many of these entries can lower your credit score. If you plan on buying a car, being aware of what’s on your credit report and knowing your FICO score will tell you whether or not you might qualify for a regular car loan or if you need to find a dealer that specializes in bad credit car loans.
Incidentally, if you find that you might fall into the bad credit car loan category, Auto Credit Express can help you find a dealer that will give you your best chance at getting approved for a car loan.
Now, time to get back to getting a credit report without paying anyone.
For free
There may be no such thing as a free lunch, but in this case there actually is a way that you can get a credit report from each of the credit bureaus at no charge.
Back in 1970, 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 original act to require credit bureaus to furnish consumers with one credit report per year per company at no charge, as well as access to their FICO scores for a reasonable fee (meaning that the scores aren’t part of the no charge package).
How to get them
There are three ways to order your reports. You can write, you can call the toll-free numbers of the 3 credit bureaus, or you can go to this website: www.annualcreditreport.com. Once there, you will be asked to furnish information that establishes your identity and, when it is validated, you can view and download the report immediately.
Streamlining the process
A number of companies, such as FreeScore360.com, will, for a fee, furnish you with a credit report from each of the bureaus plus a credit score from each one. Credit monitoring services are also available that will help you guard against identity theft.
How Auto Credit Express can help
At Auto Credit Express we have helped thousands of people with bad credit locate a dealer so that they can get approved for a car loan and reestablish their auto credit at the same time through our nationwide network of affiliate dealers that specialize in bad credit car loans.
So if you are serious about getting your credit back on track, why not begin a new chapter in your life by filling out our bad credit car loan application now.
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