Consumer Car Buying Advice Blog

Why financing a car with a high risk auto loan can increase your chances of identity theft and what you can do about it

Better credit scores

People with bad credit probably don’t understand that as their credit scores improve so does the possibility that they could become the victims of identity theft.

Here at Auto Credit Express we realize this because we’ve spent the past two decades helping car shoppers with less than perfect FICO scores find dealers for their best chances at approved car loans. It’s also the reason our web site features a resource section that discusses such topics as BHPH car loans as well as the issue we’ll be discussing today, identity theft.

Identity theft

One way the trip to better credit can hit a detour is by having your identity stolen. And while this is less of a problem for consumers that already have encountered credit problems, the fact is that once car buyers begin the credit repair process and their credit scores improve the chances of this happening increase.

Because of this, we thought it might be a good idea to cover some of the tips to prevent this from happening that, not that long ago, were mentioned in an article by Equifax Canada:

12 Fraud Prevention Tips from Equifax Canada

Consumers who are aware of the potential threats and who take preventive steps to protect their personal identifiable information are significantly less likely to become victims. Here are some of the easiest and most effective ways to combat identity theft:

•    Review your credit report regularly – Check your credit report at least once a year.
•    Consider subscribing to a credit monitoring service… so you can act before serious damage is done.
•    Handle your financial accounts and transactions online – Consumers who frequently monitor their accounts online are most likely to uncover fraud the fastest.
•    Check your bank, credit card or other financial account web sites for suspicious or unauthorized activity.
•    Avoid mailing checks to pay bills; instead pay bills online and take advantage of new remote deposit check imaging services and online banking sites.
•    Install and regularly update firewall, anti-spyware, anti-virus and browser security software.
•    Limit the information you share on social media sites – Consumers who have used social media tools for at least five years are twice as likely to be victims of identity theft (Javelin Strategy & Research, 2011 Identity Fraud Survey Report).
•    Never provide personal information unless you initiate the contact.
•    Do not click web links when responding to e-mails or text messages, rather go to the site directly.
•    Do not respond to automated phone messages or callers prompting you to dial a number or provide personal identifiable information to resolve a bank account issue.
•    Shop on secure web sites – Online retailers should display an approved security symbol and the transaction should be conducted on an encrypted site.
•    Reduce unnecessary access to your personal information wherever possible – Do not carry Social Security cards or unused credit cards. Be aware of your surroundings when transacting in public. Cover your keypad and any screens that display sensitive data.

The Bottom Line

The purpose of poor credit auto loans is to reestablish your auto credit and improve your credit scores. By following the advice from Equifax Canada you can avoid any unnecessary bumps in the road on the way to better credit.

A place we suggest you begin that trip is with us. Here at Auto Credit Express we specialize in matching applicants with poor car credit with new car dealers that can offer them their best chance for car loan approvals.

So if you’re ready to reestablish your car credit, you can begin now by filling out our online car loans application.

Tags: Bad Credit, Credit Repair, identity theft

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