{"id":2856,"date":"2022-09-01T09:34:35","date_gmt":"2022-09-01T13:34:35","guid":{"rendered":"https:\/\/www.consumerslaw.com\/blog\/?p=2856"},"modified":"2022-09-01T09:34:35","modified_gmt":"2022-09-01T13:34:35","slug":"buying-a-new-car-make-sure-your-credit-reports-are-in-order","status":"publish","type":"post","link":"https:\/\/www.consumerslaw.com\/blog\/buying-a-new-car-make-sure-your-credit-reports-are-in-order\/","title":{"rendered":"Buying a new car? Make sure your credit reports are in order."},"content":{"rendered":"

\"\"<\/strong>A car purchase is one of the most exciting purchases a consumer makes. But let\u2019s face it, cars are expensive and you have to figure out how to pay for them.<\/p>\n

\"\"Before visiting the dealership, consumers must review their finances and evaluate payment options.\u00a0 Informed buyers allow for making the best car buying decisions.\u00a0 Car salespeople are known to pressure potential buyers in to selecting vehicles from their lot — often ones the consumer may not want or be able to afford.<\/p>\n

Four steps to prepare for purchasing a vehicle<\/h3>\n

STEP 1:\u00a0 Obtain current copies of your credit reports<\/strong><\/p>\n

Lenders request access to consumer\u2019s credit files in the process of evaluating the buyer for a new loan. Credit reports provide detailed information related to \"Creditthe consumer’s credit accounts, including balances and payment history.\u00a0 When reports reflect incorrect information, lenders may deny applications for credit.<\/p>\n

Before submitting a credit application<\/strong>, consumers should obtain current credit reports from each bureau \u2013 Transunion, Experian and Equifax<\/em> — and evaluate the reports for accuracy.<\/strong><\/span><\/a>\u00a0 If there are errors, written disputes must be sent to the bureau.<\/p>\n

To obtain credit reports<\/span><\/strong><\/a>, prepare a request and send it by US Mail to the bureau.\u00a0 The letter should be accompanied by two forms of identification, such as a current driver\u2019s license, a utility bill, or pay stub.\u00a0 It may take about two weeks to receive reports from the three bureaus.\u00a0 Alternatively, you could visit annualcreditreport.com<\/em> to obtain reports online.<\/p>\n

STEP 2: \u00a0Review credit reports for items that could hurt your Credit Score<\/strong><\/p>\n

Banks, credit unions or financial \"\"institutions review the consumer’s credit reports and scores in the process of determining whether to extend credit or not.\u00a0 Various factors are considered in the evaluation process:<\/p>\n