e- Best Auto Loans

A credit report is a summary of your financial reliability – for the most part, your history of paying debts and other bills – as compiled by a company called a credit bureau. Why should you see your credit report before applying for a car loan? To correct any error before it slows down your credit approval or prevents you from getting the best possible loan terms. “Erroneous information can cost you hundreds of dollars because you could be disqualified from the best financing terms available,” says Joni Creamean, a Senior Consumer Affairs Specialist with the FDIC. “You will be considered a riskier borrower and charged higher rates or be required to provide a larger down payment.” Creamean adds that it could take months to correct errors in your credit history.It’s also smart to review your credit report from each of the three major credit bureaus that operate nationwide-Equifax, Experian and TransUnion. Credit report content may vary significantly among the credit bureaus, so that’s why experts suggest you request copies from all three companies. The costs of these reports can vary, too. However, beginning December 1, 2004, in western states and moving east with completion scheduled for September 1, 2005, you will be entitled to a free credit report annually under the provisions of the new Fair and Accurate Credit Transactions Act.

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