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angle-left Why You Should Look at Your Credit Report before Purchasing a Vehicle

Why You Should Look at Your Credit Report before Purchasing a Vehicle

Since your credit history plays a crucial part in your car-buying experience, one of the key things to do before purchasing a vehicle is check your credit report.

According to the Consumer Financial Protection Bureau, you should check your credit report at least once a year. You can obtain one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies — Equifax, Experian and TransUnion — by visiting annualcreditreport.com or calling 877-322-8228. You can also get your credit score from the national credit reporting companies, but they will charge you a fee for your score.

So why should you check your credit report before you begin shopping around for a new or used car? Well, for a few reasons:

  1. To know your credit score. This gives you the opportunity to research and determine your financing options.

  2. To be sure the information on your credit report is correct and up to date.

  3. To check for any errors and guard against identity theft.

  4. So you are able to fix any mistakes you may find.

If you’ve already checked your credit report and need credit approval to begin the car-buying process, a dealer enrolled in the Credit Acceptance program can help you get started today!