How even car buyers with poor credit can detect a practice that could ruin their efforts at credit repair
It could happen to you
Credit-challenged consumers often fail to realize that as their FICO scores improve so do their chances at becoming the victims of identity theft.
We understand that this can happen because here at Auto Credit Express we’ve been helping applicants locate dealers that specialize in bad credit auto sales since 1992. During that time one of the things we’ve come to realize is that as your credit scores improve, so do the chances of having your personal information intercepted and stolen.
Identity theft and credit repair
One of the quickest ways to halt the climb to better credit is having your identity stolen. It’s also more likely to occur as your credit scores rebound while you are repairing your credit. In other words, someone could be making your credit profile look worse even as you’re trying to make it better, as this article from TransUnion points out:
Tips to identify 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.
The Bottom Line
As you begin making timely payments on a subprime auto loan you need to more closely monitor your credit and be aware of the signs of identity theft that TransUnion is pointing out.
One more thing you should be aware of: If your credit is bad or if you’ve been turned down for a conventional auto loan, you should know that Auto Credit Express matches up applicants that have auto credit issues with dealers that can offer them their best chance at getting approved for an auto loan.
So if you’re ready to reestablish your car credit, you can start now by filling out our online car loans application.
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