Credit Monitoring for Bad Credit Auto Loans

A credit monitoring service may sound like a great way to prevent identity theft but there are a number of things to consider before you sign up for one

About your bad credit

If you’re reading this and you have bad credit, chances are you’ve been looking for some way to buy a car with auto loans for bad credit. If you’ve spent any time on the internet, by now you know that there are hundreds of web sites hoping to get your attention. Fortunately, the best of these sites, such as, have helped thousands of people just like you raise their credit scores and reestablish their auto credit by filling out an online bad credit auto loan application and financing a vehicle with a second chance auto loan through their affiliate dealers.

You may have also noticed that the really good web sites try to provide their applicants with the information they need in order to make educated decisions about the kind of loan they should choose (such as a tote the note loan versus a bad credit car loan). The reasoning behind this is simple: a bad decision at this time could result in a loan you can’t afford which could turn into in a repossession that could lower your credit scores even further.

Credit monitoring

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

All three major credit bureaus (as well as sites such as offer credit monitoring services. Programs that monitor a single bureau start at $6.95 a month while it will cost you at least $12.95 to monitor all three. Options (remember we’re in the car business here) 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.

Consumer group recommendations

The Fair and Accurate Credit Transactions Act ( the FACT Act) was signed into law in December of 2003. It allows consumers to get one  credit report from each of the three bureaus at no charge once every 12 months. This is in addition to the laws that allow you to receive no charge reports 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 your own free credit monitoring service. As an 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 last bureau. Presto! You’ve created your own credit monitoring service.

But wait, there’s more…

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

The Bottom Line

If you feel that the services offered by the credit bureaus are worth the cost, then by all means sign on the dotted line. But with a little time and effort, you can set up your own “credit monitoring service” and save yourself at least $100 per year.

Here at Auto Credit Express, we specialize in placing customers with bad credit with dealers that can help them. Our affiliate dealers are knowledgeable and will treat you with the same high respect that they treat every customer that walks through their doors. If you have any questions that our web site can’t answer, feel free to call us at the toll free number listed on every page.

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 June 25, 2010 by in Credit Repair
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