Who can look at your Auto Credit Score?

There are many types of credit scores.  Most people are familiar with FICO’s credit score, mainly used for mortgages and refinancing home loans or home equity lines of credit.   However, there are many other types.  For example, there are alternative credit scores for auto loans, insurance and even to determine employment status.  All the scores are based on your credit report information, but are just calculated in different ways.

The auto score is a very popular alternative to the standard credit score and it is important consumers understand who can look at it.

The auto lending industry uses a specialized auto score, usually from FICO.  It’s called the Auto Industry Option Score.  Approximately 90% of auto loans use this auto score instead of the more familiar credit score.  The auto score judges your credit risk more heavily weighted to your prior auto loan or lease payment history.

Who can look at your auto score:  auto lenders, auto dealers and you.  Your permission is required, in the form of a signed credit application, for an auto dealer or lender to view your auto score.

You can view your auto score by becoming a member of SmartCredit.com Whenever you update your credit report, all your credit scores are updated as well, including your auto score.

Be sure you understand there is a difference between your credit score and your auto score.  Confusion often is to the advantage of the auto dealer.

Click here for more information on this Auto Scores >>

What can you do?

Be proactive by using SmartCredit.com and ensure all your scores are the best they can be.  Smart Credit’s patent-pending Action buttons communicate directly with your creditors for anything you need, including improving your auto and credit scores.

Its simple.  Just use Smart Credit’s innovative credit report and click on action buttons to talk directly with your creditors to get better interest rates or ask your creditor anything.  No need for phone calls, writing letters or looking up account numbers.  You can fix credit report errors, get goodwill corrections, recover from identity theft, replace a lost or stolen credit card or settle a debt all directly with their creditors.  It’s fast and effective!

Always Active Complete Protection gives Smart Credit members the most complete credit monitoring and identity protection available.  Having only one or the other is not enough.  It also includes our Mobile Rapid Response action button in alerts for the fastest way to stop identity theft.

David B. Coulter – Founder and C.E.O. of SmartCredit.com

Categorised in: Auto Loans, Credit Report, Credit Score, Getting Credit, Money & Identity

This post was written by David B. Coulter