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-   -   credit report scores are a scam... (http://www.ramforumz.com/showthread.php?t=120328)

wasse 08-28-2012 08:22 AM

credit report scores are a scam...
 
I gotta tell ya, what a scam the whole credit report thing is, I worked with each of the 3 credit agencies and paid off a few loose ends to clean up my credit before purchasing my Ram...whoever the banks and dealers get their credit report scores from were all lower, and were all different from eachother than what my score was directly with the credit agencies...Im sure obviously to get higher interest rates but wow, what a damn scam that is and amazing how inconsistent from one agency to the other...Im not sure how its even legal for the agencies who report these supposed scores to the banks or dealers can get away with manipulating the numbers as they do...has anyone else out there had issues with this ? I put a higher amount down and had to accept a higher interest rate but will refinance in a year after the scores go up but again, its sure frustrating when the dealer showed me their agencies scores and they were all 30-60 points lower than what my scores were directly with Equifax, Experian and Transunion....

Black1 08-29-2012 11:09 AM

There is not just one credit report or credit score. There are a number of products, each using different formulas to determine scores.

TheSatinPumpkin 08-29-2012 11:23 AM

it sucks that a dealership resort to their own "in house" analytics for your credit snapshot.

GTyankee 08-29-2012 12:55 PM

Join a Credit Union if you want the best interest rates

their rates are so much lower
something like 3 - 4 %
compare that against bank rates

CHVYKLR 08-29-2012 02:40 PM

Quote:

Originally Posted by wasse (Post 875599)
I gotta tell ya, what a scam the whole credit report thing is, I worked with each of the 3 credit agencies and paid off a few loose ends to clean up my credit before purchasing my Ram...whoever the banks and dealers get their credit report scores from were all lower, and were all different from eachother than what my score was directly with the credit agencies...Im sure obviously to get higher interest rates but wow, what a damn scam that is and amazing how inconsistent from one agency to the other...Im not sure how its even legal for the agencies who report these supposed scores to the banks or dealers can get away with manipulating the numbers as they do...has anyone else out there had issues with this ? I put a higher amount down and had to accept a higher interest rate but will refinance in a year after the scores go up but again, its sure frustrating when the dealer showed me their agencies scores and they were all 30-60 points lower than what my scores were directly with Equifax, Experian and Transunion....

I woulda called BS on the dealer and started to walk out...they wouldn't lose the sale over that.

Quote:

Originally Posted by GTyankee (Post 876425)
Join a Credit Union if you want the best interest rates

their rates are so much lower
something like 3 - 4 %
compare that against bank rates

yeah. I'm a member of two. One is offering 1.99% and the other 1.45%. Granted that is for a 36 month loan but a helleva deal if you can swing the payment.

battlerattle 08-31-2012 02:12 AM

Not sure where you guys are barowing from. I got .9% for 60 months from gmac and I have average credit???

Grubrunner 08-31-2012 02:20 AM

Print out your own credit score and take it into your dealership. I've been doing this for years.

Click the Hyperlink at the page's end to take you where you wanna' go.

Copy/Paste: The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies ó Equifax, Experian, and TransUnion ó to provide you with a free copy of your credit report, at your request, once every 12 months.

The FCRA promotes the accuracy and privacy of information in the files of the nationís consumer reporting companies. The Federal Trade Commission (FTC), the nationís consumer protection agency, enforces the FCRA with respect to consumer reporting companies.

A credit report includes information on where you live, how you pay your bills, and whether youíve been sued or arrested, or have filed for bankruptcy.

Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

Here are the details about your rights under the FCRA, which established the free annual credit report program.

Sorce: Federal Trade Commission

wasse 08-31-2012 08:01 AM

Thank you guys !
 
1 Attachment(s)
Thank you for the feedback gentleman....Its been a learning experience for sure, Im in a process of rebuilding my credit after making some poor choices for years...Ive been clean and sober for over 5 years now and recently swept though and payed off all debts on my credit report...Buying this vehicle was an opportunity Im very grateful for, actually my first EVER brand new vehicle purchase :-) although youll dry heave if you knew what my interest rate is, (12.4%) I plan on refinancing in a year after establishing good credit hope to get down to atleast 6 or so % and continue toi refinance every once in awhile to get a continuing lower interest rate.......Im grateful Dodge chose to help out, when other dealers wouldnt ...altho I have a clean credit report now...there is some damage so I accept that, but itll all get better in time...still, its obvious how they will manipulate the numbers to get that higher interest rate altho I DID present my scores which I had directly with the 3 credit agencies...nonetheless...I Frickin love my Ram 1500 with the Hemi 5.7 I added a series 63 K&N CAI and a Flowmaster exhaust, Under cover Toneau cover, ...still hoping for a performance chip at some point...pretty fun to have a sweet looking , nice riding , Truck with a muscle car engine ! Have a great weekend ...Wasse

PaulMys 08-31-2012 08:52 PM

wasse- Nice truck, man. Glad you got all your stuff together enough to be able to buy that baby! And, I DO agree about big banks, credit score agencies, and the like. But, there is not enough space on the whole internet to handle my rant on that one!! Good luck with your RAM!


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