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← How to Prevent Car Repossession and SeizureQualify for Bad Credit Auto Loans by Correcting Errors in Your Credit Report
Are you tired of getting rejected for auto loans due to your bad credit? We understand how devastated you may feel about it. However, it is important for you note that this is certainly not the end of the world because there are many ways for you to still qualify for auto loans. You may not be aware of the fact that the reason behind your repeated rejections can be an erroneous entry present in your credit report. This is why we advice all our customers to understand and examine their credit reports thoroughly to get rid of such inaccurate entries.
Throughout our long tenure in the American bad credit auto loans market, we have been offering top class auto financing service that is tailor-made for bad credit borrowers. Being closely associated with credit challenged borrowers, we are well aware of the most common car credit issues these individuals face while applying for auto loans. Through this blog, we try to offer easy solutions to these problems.
Before applying for any type of loan, it is extremely important that you get hold of your credit report from all three credit bureaus. You need not spend any money for this because all American citizens are entitled to receive one free copy of these reports every year. After receiving these reports, thoroughly check and verify each of the entries contained in your credit reports. The most commonly found discrepancies to check for are fraudulent information, data errors, duplicate entry, crossed entry, and inclusion of records that have already expired.
In this regards, it is useful to make a note of the length of time for which different time negative information can appear on your credit reports. Unpaid tax liens are reflected in a credit report for an indefinite period of time. Whereas, if paid, the same information may appear in the credit report for 7 years from the payment date. Be aware of the fact that though bankruptcies expire 10 years after the date of filing, the bankruptcy account records should not be reflected in your credit report after 7 years. All records pertaining to repossessions, foreclosures, delayed payments, collections, charge-offs, etc. will remain in your credit report for no more than 7 years.
The Fair Credit Reporting Act entitles all the consumers to dispute inaccurate and incomplete information present in their credit file. You can send a mail to all three credit bureaus, in case any error is present in the reports issued by them. Additionally, Experian also has an online process for error reporting. While sending your dispute letter, include a copy of the erroneous report pointing out the inaccuracies and your name and address. After receiving your dispute letter, the respective bureau is legally bound to make the corrections within a month after carrying out the necessary investigations.
Errors in your credit report can be a big issue and keep you back when it comes time to look for a new loan. But we at Valley Auto Loans are here to help you as much as we can. We take in all applications without discrimination and regardless of credit history or score. We then process each application with our lenders and give the applications to the lender with the best offer. Because our system works in this way, each lender is forced to compete over each application. This means that you will be offered the best services for the best rates. So if you are ready to get back on your feet and back on the road, its time to apply with Valley Auto Loans, and see just how much we can help you.