For consumers with poor credit there are a number of steps that can be taken to make it easier to qualify for a car loan one of which is the ongoing effort to be sure they have not been victimized by identity theft
It can happen
Here at Auto Credit Express we try to stress to our applicants, most of whom have questionable credit, that as their FICO scores improve due to timely payments on their auto loans, so do their chances of becoming victims of identity theft.
We understand the reasons this can happen to them because for the past two decades we’ve been helping car buyers with problem credit locate those dealers that can offer them their best opportunities for car loan approvals. During that time one of the things we’ve come to realize is that one of the disadvantages of better credit is the greater possibility of having your personal information intercepted and stolen.
Credit repair and identity theft
One of the first questions we get asked by applicants is “will I qualify for a car loan?”
In most cases, that question can only be answered by one of the higher-risk lenders our dealers work with. But since a majority of the applications we pass on to these franchised new car dealers get approved, this is also a good time to point out that one of the quickest ways to exit the highway towards better credit is having your identity stolen. The possibility of this is also more likely as your credit scores rebound during the credit repair process of a bad credit auto loan. In other words, someone could be attempting to damage your credit profile even as you’re trying to improve it as this article from TransUnion points out:
Tips to identity fraud
Your credit report, your financial statements and even your mail are key places to look for signs of fraud and identity theft. With a watchful eye and staying in tune with your credit activity, you can identify fraud.
The signs may vary, but these signs are common signals that can help identify fraud activity:
• There are accounts, payment histories, Social Security Numbers, addresses, employers or inquiries on your credit reports that you don’t recognize.
• One of your creditors informs you that they have received an application for credit with your name and Social Security Number.
• Incoming calls or letters state that you have been approved or denied by a creditor to which you never applied.
• You receive credit card, utility or telephone statements in your name and address for which you never applied.
• You no longer receive your credit card statements, or you notice that not all of your mail is delivered to you.
• Your credit card statement includes purchases that you don’t recognize.
• A collection agency tells you they are collecting for a defaulted account established with your identity, but you never opened the account.
• If you suspect that identity thieves may have targeted your child, TransUnion can help.
As we see it
As you begin to reverse your poor credit through timely auto loan payments you also need to start monitoring your credit more closely while being aware of the signs of identity theft that TransUnion has pointed out.
One more thing we want you to be aware of: here at Auto Credit Express we match applicants that have experienced car credit problems with dealers that can offer them their best chances for approved car loans.
So if you’re ready to establish your auto credit, you can begin now by filling out our online car loans application.