Finance News

Have you ever bought a car from a used car lot? Have you ever heard the jokes about used car salesmen?

Well, there’s no doubt that many, if not most, are honest people who like cars and are trying to make a living selling them. But there’s a reason for the jokes – and that’s because not all of them are honest.

CreditScoreQuick can’t help you avoid buying a car that’s been misrepresented. But by giving you access to your free credit report, it can help you avoid a sneaky trick that used by some car lenders use to charge you higher interest on a used car loan.

It seems that while the salesman will sweet talk you with the promise of a low interest rate while you’re out on the lot falling in love with a car, when you get into the office and start the paperwork, things can change.

The lender will, of course, call for a copy of your credit report. Then, the honest ones will tell you what the report really says – including your true credit scores. But the dishonest ones will tell you that your scores are too low to qualify for the rate. But it’s OK, because they can still keep your payments low by just stretching the loan out a couple more years!

You can avoid this scenario by knowing your credit score before you walk on the lot, and by asking what credit score will qualify you for the quoted interest rate before you reveal your scores to the salesman.

Knowing your scores is easy. Just go to www.creditscorequick.com and compare the programs offered. Then order your free online credit report and free credit scores. When it arrives, be sure to read all the entries as well as the credit scores. Over 70% of all credit reports have errors, and correcting them will almost always raise your credit rating.

By the way, never let a salesman run a credit check on you until you’re ready to buy.

There are two good reasons for this. One is that every time a business accesses your credit report, your credit scores will come down a little.

The other is that identity theft is a very real threat, and there’s a danger in having your Social Security number and other personal information hanging around in files that might or might not be secure. So don’t give it out until you need to. Dealing with identity theft isn’t fun.

Tags: Credit Report