The folks from Equifax Canada have a number of tips that consumers with less than perfect credit might want to follow
What we have seen
The idea behind financing a bad credit car is to reestablish your auto credit. But even as you’re doing this your credit scores might not get any better if your be the victim of identity theft.
While this doesn’t happen often (consumers with lower FICO scores are less susceptible to having their identity stolen), at Auto Credit Express we have heard of identity theft happening even to car buyers with credit issues, so here goes.
One of the surest ways to sabotage credit repair is through identity theft. And while this is less of a problem for people with credit problems, the fact is it could cause your credit scores to fall even when you’re trying to improve them.
Tips from Equifax Canada
Consumers who are aware of the potential threats and who take preventive steps to protect their personal identifiable information are significantly less likely to be victims. Here are some of the easiest and most effective ways tobat identity theft:
Review your credit report regularly – Check your credit report at least once a year.
Consider subscribing to a credit monitoring service… so you can act before serious damage is done.
Handle your financial accounts and transactions online – Consumers who frequently monitor their accounts online are most likely to uncover fraud the fastest.
• Check your bank, credit card or other financial account web sites for suspicious or unauthorized activity.
• Avoid mailing checks to pay bills; instead pay bills online and take advantage of new remote deposit check imaging services and online banking sites. Install and regularly update firewall, anti-spyware, anti-virus and browser security software.
Limit the information you share on social media sites – Consumers who have used social media tools for at least five years are twice as likely to be victims of identity theft (Javelin Strategy & Research, 2011 Identity Fraud Survey Report).
Never provide personal information unless you initiate the contact.
• Do not click web links when responding to e-mails or text messages, rather go to the site directly.
• Do not respond to automated phone messages or callers prompting you to dial a number or provide personal identifiable information to resolve a bank account issue.
Shop on secure web sites – Online retailers should display an approved security symbol and the transaction should be conducted on an encrypted site.
Reduce unnecessary access to your personal information wherever possible – Do not carry Social Security cards or unused credit cards. Be aware of your surroundings when transacting in public. Cover your keypad and any screens that display sensitive data.
The Bottom Line
The purpose of a high-risk auto loan is to establish car credit while raising your FICO scores. By taking the advice of Equifax Canada you can avoid any road blocks on the highway to better credit.
If you’re thinking about starting that trip, you should know that Auto Credit Express can help you find a dealer for your best chance at an auto loan approval.
So if you’re ready now, you can start the process by filling out our online car loans application.