Complaint Review: HOW CAR DEALERS RIP OFF CONSUMERS? ..know your

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 Rip-off Report.

Here at badbusinessbureau.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 badbusinessbureau.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.

EDITORS NOTE: Go to your local motor vehicle office and tell them you want it renewed without your social security number on it. They will change it in most states. Depending on where you live, your best off stepping on it and somewhat destroying your drivers license a little so there will be no question as to whether or not they will replace it for you.

When selling cars and I received a drivers license with the SSN printed on it, I would take this opportunity to run a credit report to quickly check the credit worthiness of the potential buyer. If they had good credit I would eagerly show them what they wanted. If the credit was slighted, I was instructed to do what is called a "LOT DROP," meaning the sales manager told his sales staff to "get the roach off of the lot."

RECEIVING YOUR CREDIT REPORT

Call your local credit-reporting agency and ask why you cannot get your "FAIR ISAAC SCORE." There are three credit-reporting companies that report 3 different types of credit reports on you.

The first and most important report is the "EXPERIAN." In the past it was referred to as the TRW report. EXPERIAN's toll free number is 1-800-862-7654. Call EXPERIAN and ask why your ISAAC Score is not revealed on your credit report, maybe you can can help change the way our credit report is conveyed if enough of us complain.

The second one is "TRANS UNION and their number is 1-610-690-4909. I do not recommend this type of report due to the complexity of the information reported to you and is very difficult to understand.

The third one is "EQUIFAX and their toll free number is 1-800-658-1111. This report is all complex and difficult to understand too.

Car dealers make big money off of consumers that do not know the value of their credit. So we urge all of you to seek your "FAIR ISAAC SCORE," so that you can be an informed consumer and not get taken advantage of in the future.

If you know your "FAIR ISAAC SCORE," we guarantee that your next car or home loan will come with LOWER MONTHLY PAYMENTS.

Come on back and visit me soon at www.badbusinessbureau.com and I will continue to inform you, the consumer, on how to protect your credit, purchase a vehicle, and lower the interest rate that you are eligible for.

Email me your questions or concerns directly at AutoBuyersAdvocate@badbusinessbureau.com.

EDitor's note:
Did you know that their are several companies that actually bounce from car dealer to car dealer across the country that actually teach the car dealers sales staff "how to take your money" These are not just regular sales techniques, these are hard core rip-off tactics.

Dealers also screw their own employees out of commissions by coming up with different kinds of fees. This combined with teaching sales people on how to screw the consumer made the Auto Buyers Advocate turn consumer advocate. Very much like the publisher of the Rip-off Report.