Car Loans for Bad Credit and Credit Monitoring

Signing up for a credit monitoring service may help prevent identity theft but you might be able to do it yourself and save some money in the process

Credit monitoring and bad credit car loans

If you’re reading this and you have bad credit, there’s a good chance that you’re looking for some way to buy a car with auto loans for bad credit. The good news is that web sites such as autocreditexpress.com have helped thousands of people just like you raise their credit scores and reestablish their car credit by filling out an online bad credit auto loan application and then financing a vehicle with a dealer that offers second chance auto loans.

The better web sites provide their applicants with the information they need in order to decide about the kind of loan they should choose (such as a tote the note loan versus car loans with bad credit). This is because the wrong decision at this time could ultimately result in repossession.

But in addition to using car loans with bad credit to rebuild your credit and improve your FICO scores, you should also monitor any changes in your credit reports. There are a number of ways to do this and today we’ll go over a few of them.

Using credit monitoring

To begin with, all three major credit bureaus (as well as sites such as www.freescore360.com) offer credit monitoring services. Programs that monitor a single bureau start at $6.95 a month while it will usually cost you at least $12.95 to monitor all three. Options (remember, we’re in the car business) include score monitoring, reports that contain scores, score watch, score power and credit watch. With Equifax, you can even “protect” an entire family of four for $344 per year.

Doing it yourself

The Fair and Accurate Credit Transactions Act (otherwise known as the FACT Act) was signed into law in December, 2003. It allows consumers to get one credit report at no charge from each of the three bureaus once every 12 months. This is in addition to laws that allow you to receive reports at no charge if you are denied credit, discover there are errors in your report, or if you suspect you’ve been a victim of identity theft.

By staggering these no charge reports throughout the year, you can essentially set up a free do-it-yourself credit monitoring service. For example, you could order the first one in January from one bureau, the second one in May from another bureau and the third in September from the third bureau. And just like that, you’ve created your own credit monitoring service.

More freebies

Not only that, but if you find any errors, such as an account that isn’t yours, on a report from one of the credit reporting agencies, you can immediately order reports from the other two credit bureaus under the ID theft free report system. You can also order a report, at any time, from any of the three bureaus if you are denied credit based upon information that they contain.

As we see it

If you feel that the services offered by either the credit bureaus or any of the credit monitoring companies (such as www.freescore360.com) are worth the cost, then by all means sign on the dotted line. On the other hand, with a little time and effort, you can set up your own credit monitoring service and probably save yourself at least $100 per year.

One more thing: at Auto Credit Express, we specialize in placing customers with bad credit with dealers that can help them get financed. These affiliate dealers are knowledgeable and work with a broad spectrum of lenders to give you the best chance of getting financed and “on the road” to better credit.”

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.

Posted on September 11, 2010 by in Credit Repair
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