Tips from Equifax Canada can help borrowers with questionable credit reduces the chances of identity theft during an auto loan
What we know
Consumers that currently have poor credit often don’t understand that as their credit scores improve during an auto loan so do their chances at having their identities stolen.
Here at Auto Credit Express we understand why this can happen because we’ve spent the past twenty years helping car shoppers with problem credit find those dealers that can give them their best opportunities for auto loan approvals.
One way the better credit these consumers are trying to achieve can hit a detour is by having their identity stolen. Despite the fact that this is less of a problem for people with low credit scores once these scores improve the chances of this occurring increase.
With this in mind we thought it would be a good idea to go over what can be done to prevent this from happening. Now long ago this very topic was discussed in an article by Equifax Canada. Here are some excerpts from that story:
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.
As we see it
The purpose of a high-risk car loan is to reestablish the borrower’s car credit while improving their credit scores. By following the advice from Equifax Canada consumers can avoid any unnecessary bumps on the road to better credit.
One more tip: Auto Credit Express matches people with car credit difficulties to those new car dealers that can offer them their best chances for approved auto loans.
So if you’re ready to reestablish your credit, you can begin now by filling out our online auto loan application.