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Those buying a car with poor credit might find that adding to and correcting the inaccurate information in their credit reports might bolster their credit scores and even help them establish a credit history.
Auto loan applicants with low credit that add to or correct the incorrect information filed in their reports might strengthen their credit scores and even help them create a credit history.
Car buyers that have gone through problems with a slim credit file or one with errors can add to their chances of car loan approvals by removing inaccuracy and accounts corrected before the application process starts when buying a car.
Repairing Credit for Buying a Car
Valley Auto Loans has knowledge of this and provides steps to buying a car with uncertain credit find new car dealers that can provide them help with repairing their car credit with an Auto loan.
And if you were thinking of buying a car with no credit history, here are a few ways on how you can both sum up for missing information and remove any unwanted information found in your credit reports:
Step one for buying a car online: order
Get a copy of your credit report before you try buying a car.
Step two: review
Review every report and look for duplicate date, missing accounts, records needed to expire, reporting errors and fake information.
The time negative information can remain on your reports varies. The lengths for some common items are as follows:
Tax liens – surely if not paid. Once paid, they will come into view for an additional 7 years from the date paid.
Bankruptcy –10 years following the filing date, with each account record included in the bankruptcy remaining on the report for 7 years.
Charge-offs, collections, closed negative accounts, foreclosures, late payments and repossessions –Each can appear for 7 years. Collection records expire 7 years after the last 180 day late payment that led to collection action.
Inquiries – Records such as credit requirements and loan applications can remain for 1 to 2 years.
Step three: dispute
Under the Fair Credit Reporting Act (FCRA), you reserve the right to dispute unfinished and inaccurate information in your credit files. This can come in especially helpful when buying a car.
Equifax and TransUnion will allow mail-in disputes and, along with Experian, also offer an online process. Be sure to add your name, address, a copy of the credit report listing the inaccuracies and any supporting material such as account records, statements and lender correspondence in the dispute letter.
Credit reports also consists information needed to directly contact creditors –by telephone or in writing. If a creditor accepts that the information was incorrect, get it in writing. Keep all paperwork – if a creditor still continues to report inaccurate information you can send copies of it to the credit bureaus to have the inaccuracy removed.
If you come to know that accounts are missing from one or more of your credit reports, it’s because of a simple name change. Don’t forget, it’s not necessary for creditors to report information to any of the bureaus.
Step four: corrective actions
It’s important for the credit bureaus to look into and make any amendments within 30 days of a dispute filing. Once you fulfill, they will let you know via post of any information that was or was not amended .
Once you have fulfilled the process, you can order a final credit report at no charge at all to make sure that all the changes have been done.
The next step
Let’s say you still have doubtful credit even after the completion of the process so rest assure that here at Valley Auto Loans we match applicants that have experienced credit problems, who are buying a car, with dealers that offer them with chances for approved car loans.
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