Obtaining Used Car Loans and Repairing your bad credit report
Q & A
About Credit Repair
Q. I have been refused credit for multiple used car loans.
Can I do
something about it?
A. Absolutely! A significant number of Americans
have some "blemish" on their credit reports. These negative marks can prevent
you from receiving used car loans, new car loans, mortgages or any kind of
credit. Due to the nature of the credit reporting industry, those blemishes can
be mistakenly included on your record. Frequently, credit reports contain
inaccurate, erroneous or obsolete entries. Under the law the credit reporting
companies must remove inaccurate, erroneous or obsolete information. You should
check your credit report and see why you were, or may be, denied credit. Then
you can do something to correct the mistakes and have your report corrected.
Q. Are "credit reporting
agencies" a part of government?
A. No. Credit reporting companies are just that -
companies. They are in business to make money, just like the mega-billion-dollar
banks that run the credit card businesses. The credit reporting business is a
multi-billion dollar industry. They generate their income by selling credit
reports to creditors.
Q. Is it illegal or immoral
to have your credit profile improved?
A. No. It is not illegal or immoral to eliminate
mistakes on your credit reports. In fact, the Federal Government, under the Fair
Credit Reporting Act, Section 1681e, protects your right to do so.
Q. How does the credit
reporting system work?
A. Today, the credit reporting system is literally
millions of computer files about individual consumers which are maintained by
the three credit reporting agencies. The files contain personal information
about you - how much you owe, how you have paid your debts, your employer, your
social security number, public records, etc.
Q. How does information about
me get into my credit report?
A. When you agree to accept credit from a bank,
most retail stores, etc., or fill out an employment application - if a credit
report is used as a background check - you give the creditor the right to
provide information to any credit reporting company. Additional information
about you comes from public records, such as court records, debt collection
companies, and even the utility companies.
Q. How do the credit
reporting agencies work?
A. The banks, retail stores, utility companies,
etc. report your payment record to the credit reporting companies each month.
The credit reporting companies then give that information to a second tier of
regional reporting companies who sell it to retailers and banks or anyone who
legitimately requests information about you.
Q. Why should I care what is
in my credit file?
A. You'd better care. It is your credit report
that creditors use to determine if they will extend credit to you. If you have
inaccurate information on your report, you may be turned down for the loan you
need or pay unnecessarily high interest rates.
Q. Why do the credit
reporting agencies have separate reports
for husband and wife?
A. The credit reporting agencies collect
information based on individual social security numbers. Only by checking both
the wife's and husband's credit reports can we ensure accuracy.
Q. Who can request
information about my credit file?
A. Under the Fair Credit Reporting Act, a credit
reporting company may only disclose your
credit report if someone is:
a. Granting credit, reviewing your account, or collecting on your account.
b. Reviewing you for employment purposes.
c. Reviewing your application for insurance.
d. Reviewing your eligibility for a license or government-related benefits.
e. Providing information for a business transaction, such as renting an
apartment.
f. A court order.
g. An IRS subpoena.
h. Someone to whom you have given written permission.
Q. How often are mistakes
entered into my credit file?
A. Frequently! Some experts
say a significant number of credit reports contain errors! These are inaccurate,
erroneous, or obsolete information that can cost you the credit you deserve.
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questions and answers ... about helping you obtain
used car loans online
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