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Tampa Bad Credit Auto Loans and FICO Scores Explained by Rebuild America Auto Program

Rebuild America Auto Program issued a January 01, 2013 alert to consumers on December 31, 2012 discussing Tampa bad credit auto loans and FICO scores, and their meaning to potential car buyers.

 
PRLog - Dec. 31, 2012 - Rebuild America Auto Program issued a January 01, 2013 alert to consumers on December 31, 2012 discussing Tampa bad credit auto loans and FICO scores, and their meaning to potential car buyers.  The alert was drafted specifically for buyers looking for Tampa bad credit auto loans early in 2013, so that the potential car buyer could understand any difference in reported scores from the three credit bureaus.

Buyers with poor credit often do not understand why their credit scores vary when checking TransUnion, Equifax or Experian.  Members of the Rebuild American Auto Program team have been asked that question thousands of times, during years of working to put the credit challenged into reasonably financed automobiles.

Rebuild America Auto Program explained that when people talk about a “credit score,” they are talking about a FICO score.  RAAP explained that there are actually three different FICO scores developed by Fair Isaac, one for each of the three credit bureaus. Fair Isaac tries to make the scores as consistent as possible between the three credit bureaus, but scores will differ because the models for the three bureaus were developed separately.

While there will almost always be small differences in the scores across the three credit bureaus, significant score differences can result from the following situations:

· Not all credit scores are “FICO” scores developed by Fair Isaac Corporation; make sure the scores being compared are actual FICO scores.

· All credit information may not be reported to all three credit bureaus. The information on the credit report is supplied by lenders, collection agencies and court records.

· Credit may have been applied for under variations on a legal name or under a maiden name, which may cause fragmented or incomplete files at the credit reporting agencies.

· Lenders report credit information to the credit bureaus at different times, often resulting in one agency having more up-to-date information than another.

· The credit bureaus may record the same information in different ways.

The Washington DC based Rebuild America Auto Program specializes in Tampa bad credit auto loans for people who have gone through bankruptcy, foreclosure, long term lack of credit due to extended military service and even assistance for a first time buyer.  Rebuild America Auto Program works with banks nationwide, in an effort to help people typically declined by most banks find credible financing for the car they need.  Additional information about the Rebuild America Auto Program is available by visiting http://rebuildamericaautoprogram.com/index.htm, or calling 1-888-865-1602.

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Source:Rebuild America Auto Program
Location:United States
Industry:Automotive
Tags:bad credit, bad credit loan, tampa car loan
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