How car dealers rip off consumers?
.. Know your FAIR ISAAC SCORE"
Car dealer ships, make big money on car buyers that are unaware of how the credit industry works.
We would like to enlighten you in a few areas regarding credit.
This Report is one of many to be published here on the consumer complaints.
Here at usacomplaints.com we want you to know the entire insider information that can help save you big money. You know the information that I mean; it helps the greedy companies make big money off of you. Like the publisher of the usacomplaints.com says, it's OK to make an honest profit for an honest living. It's another to lie and steel to get it.
There are some people that have had a few speed bumps in their life and were not able to pay their bills on time. This has happened to many of us at one time or another. Here is where the dealer will try to take advantage of you.
What the car dealers do not want you to know fair isaac score"
Finance managers at car dealer ships make big money on car buyers that are unaware of how the credit industry works. Essentially screwing the consumer
FAIR ISAAC SCORE" an industry secret kept from the consumer.
What is a Fair Isaac score? It is a rating on your past credit that is calculated by a California company called Fair Isaac.
Lending institutions that loan money to people to purchase a home, a car, or other items all want to see how well you will pay your bills before they lend their money. They will pull a credit report on you to check your "FAIR ISAAC SCORE." They will consider you're past bill paying abilities; they also look at a section of your credit report referred to as the "Profile Summary. This will inform the lending institution of any judgments against you or if you are a homeowner, the balance of your mortgage and if you are in good standing with the mortgage company.
Protect your good credit
Now the bad news. The profile summary also records how many possible lenders have looked at your credit report in the last six (6) months. This could curtail the possibility of acquiring a loan depending on the number of inquiries listed. For example, you have been shopping and you have filled out several credit applications attempting to purchase a new vehicle. It is important to understand that every time you fill out a credit application, there will be at least one inquiry on your credit report per application.
By inadvertently allowing that car dealer to put several inquiries on your credit report, you are lowering your credit score. Yes, this can be done without your knowledge or approval. When You test drive a car they will want to take a copy of your drivers license. Let them know, you do not want them to run a credit check on you from your drivers license until you find the car you want.
Also tell them, if you find out they do run a credit check with out your approval, you will sue them for creating an inquiry on your credit report. (say it nicely)
No, they cannot be removed, but they will come off in time. But I can give you a couple of hints so that it may not happen in the future.
1. Make sure that you only fill out a credit application, ONLY if you are ready to purchase right then.
2. Some consumers have their social security number printed on their drivers' license. This is not a good idea. You do not want everybody that sees your license to have access to your social security number. As soon as possible get a new drivers license that does not display your social security number on it.
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