I%26#039;ve asked this question several times and never got the answer I wanted, so here it goes again....this is a very simple question with a very simple answer. I just want to know when you take out a car loan at a bank or dealership...what are they getting? Do they show you a credit report? Or do they give you a number of how good your credit is? Or do they give you the annual % of interest? It helps if you%26#039;ve worked at a dealer or bank. I don%26#039;t need a long detailed explanation just answer the question. Thank you.
When banks or car dealers check your credit...are they getting a credit report or just a number?
When you get your credit %26quot;run%26quot; the dealership gets a credit report as well as a numerical score. They actually will get an enhanced score that gives more weight to installment loans. This is used(but not exclusively) to determine your interest rate and down payment.
They will not give you a copy of this report or score to keep. Technically the only person that is allowed to see this is the financing manager. However, several companies will share this information with you and the salesman.
When banks or car dealers check your credit...are they getting a credit report or just a number?
The dealerships I bought cars from get an actual credit report and the FICO score. They are not supposed to show you either one, but since they are trying to sell you a vehicle, they will. Just ask to see it.
When banks or car dealers check your credit...are they getting a credit report or just a number?
They pull the complete CR with FICO score from one of three reporting agency%26#039;s. But they seem to only care about the score. If denied they have to tell you based on what factor of the CR. Then you are entitled a free CR. And they don%26#039;t have to actualy show you anything.
When banks or car dealers check your credit...are they getting a credit report or just a number?
They get whatever they are willing to pay for, usually the credit report and the FICO score.
They are under no obligation to show you the report, and a car dealership, for example, will make it seem worse than it is (to get a higher financing rate).
When banks or car dealers check your credit...are they getting a credit report or just a number?
Auto finance is what I do for a living and the previous posters are correct.
Auto dealers and lenders alike get whats called a %26quot;auto enhanced%26quot; credit report that gives special consideration to installment loans complete with pay history, score and a listing of all accounts both open and closed, revolving and installment.
This gives the dealer and the lenders a complete profile of how the customer pays their bills and gives the Finance Manager insight as to where to send the deal to get the best call.
When banks or car dealers check your credit...are they getting a credit report or just a number?
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