What is a credit bureau? Experian, TransUnion, Equifax
February 10, 2016
What is a credit bureau? There are 3: Experian, TransUnion, & Equifax
When you opt to buy something on credit or take a loan, the lenders don’t just decide to give you the facility right away. They try to collect information on your credit behavior, both past and present, track record, and various other data to ensure that you have the potential to fulfill the liabilities you obligate yourself with. This is where the Credit Bureau comes into the picture.
Ok, so what is a credit Bureau?
A credit bureau is a company that collects and maintains credit information of individuals and supplies it to the interested organizations and bodies such as lenders, creditors, etc. As a consumer, you can also have your own credit report from the bureau. The credit information is basically a summary of your credit behavior and includes the following details:
- How much of credit you have
- How much of the credit is left
- How much credit are you using
- How often do you make your payments
Credit information also contains rental repayment reports if you own a property. Other details mentionable in a credit report are liens, judgments, and other details that expresses your current financial position.
There are 3 major national credit bureaus in the United States:
- Experian – This global information service group operates in almost 40 countries and employs a total of 17k people. The agency was founded in 1996, the headquarter of which is in Dublin, Republic of Ireland.
- Equifax – Another consumer credit reporting agency and one among the three largest credit bureaus, Equifax records and maintains information of over 400 million credit holders in the world. Based in Atlanta, Georgia, the company employees 7000 plus employees and operates in 14 countries. Equifiax is also one of the oldest credit report gathering agency that has its operations ongoing since 1899.
- TransUnion – The third largest credit bureau in the United States, TransUnion is an American credit information management agency. The company has information of approximately 500 million customers worldwide and over 45,000 business houses. It works closely with Callcredit, a UK based credit reference agency.
Based on the information on your credit report provided by any of the three aforementioned credit bureaus, the lender assesses whether they can offer you the credit or not. Whether your credit scores pose a risk and put you in a bad standing or has a high score that easily help you in obtaining the loan. This will also help them in deciding what interest rates they can offer you.
Summary: What is a credit bureau?
There are agencies that can help you in getting out of a bad credit report. They will help in reestablishing your reputation as a credit holder and will solve all your credit issues. Search on the Internet to find such providers and take their help to get back on your feet.
Credit Repair Services – How Do They Work?
January 24, 2016
Credit Repair Services – How Do They Work?
Do you look at your credit report and think about nothing but credit repair services? Have you had one or more financial misfortunes over the past several years and now have a less than ideal credit score? If yes, then it’s high time to get your credit repair process started. Credit scores have been one of the biggest victims of the financial crisis and the recession. Anyone with poor credit scores will definitely know what a low credit score can cost you.
Credit repair services can improve your credit enough to lower the rate of interest, which can result in saving you thousands of dollars on a loan. When making an essential purchase, such as buying a car, it’s vital to make sure your credit rating is as its best in order to get the best rate and terms possible. Bad credit can land you up in problems and have a considerable negative impact on interest rates or loan approval.
How credit repair services work?
The credit card repair services have been around for a couple decades with better known rules surrounding credit repair and know how to handle those rules to either raise your credit score or give you your money back. The legitimate credit repair agencies will state what quickly repairable issues to look for, how to approach your credit issues and then will submit the appropriate challenge, dispute, or intervention letters to credit bureaus on your behalf, so that your credit rating can get upgraded. They will identify the mistakes, correct the appropriate information, get rid of negative reporting and monitor the creditors to ensure that your credit report is as accurate as possible and corrected accordingly.
Necessity of credit repair services:
- Better car insurance policies: The policies that most car insurance company offer are usually based on the clients’ credit reports. For example, you will end up with a reasonably priced car insurance policy if your report suggests that you are late with paying other accounts. Thus, credit repair services can clean up your credit rating and help you get considerable savings over the duration of your policy.
- Better car loan or mortgage facilities: A low credit score can put a negative impact on getting different car loans. You may not get the desired loan amount or land up paying greater interest on your loans for the lifetime. A bad credit score can lower your credit limit, thus making the loan even more pricey for you. But a report with good credit score will increase your chances to get your own desired vehicle.
A higher credit score can help you with: lower interest rates on your credit card, get approved for low interest loans and lower insurance rates on your car. So, it’s important to keep your credit score in good condition. The higher your credit score is, the lower your interest rates are. There are a handful of benefits that come along with a credit score repair. So, open that door, hold out your hand and grab hold of those opportunities with a credit repair.
Financing Bad Credit – What does Lucky’s Auto Credit Do?
January 16, 2016
Financing Bad Credit
Financing Bad Credit is our specialty. Our programs are designed to help people with credit problems such as bankruptcy, no credit or bad credit get reliable transportation and a car loan, at payment and terms they can afford. Most car dealerships cannot lend to you if you have these types of issues, or they require a very high (50% or more) down payment on the car. We have some of the lowest down payments available and one of the easiest loan approval processes. Just bring in your Utah driver’s license, pay stubs, and proof of address (power or gas bill) to one of our car dealerships and a friendly, no-pressure sales person will help set up a plan for you.
We Can Help
We’ve helped thousands in Utah get the SUV, car, minivan or truck they want. We can help you get a car today! Apply Now to set up an appointment with one of our friendly sales representatives. Our #1 goal is to set you up in a plan and car you can afford with your income and budget to ensure you’re successful in the purchase and payoff of your car.
Summary: Financing Bad Credit
We know the pains of qualifying for a loan when you have credit issues. We’re not here to judge you, We’ll treat you with the respect and candor you deserve. The program is very simple and only takes a few minutes to see what plan you qualify for. If you can’t afford one of our cars due to payments higher than you can afford, we’ll tell you what it will take to be able to afford it!
Low Down Payments
January 12, 2016
Low Down Payments
If you’re looking for a used car dealer in Utah that offers low down payments, you’ve found one of the best. We specialize in low down payments and the average hovers around $77-$300 down. A large amount of our customers get approved for $77 down.
What are the required down payments to buy a used car at Lucky’s Auto Credit?
Our locations start at a $77 low down payment. This depends on the vehicle you pick as well as a few other factors. For example, we want to make sure you can afford the car and the payments. The lower the down payment, the higher the monthly payment, so we help you by showing you if you make enough money to afford your payments. Our goal is to see our customers succeed!
Common questions we get when people come in with $77 down is that they expect to qualify for every car on the lot with that down payment. While we frequently do down payments on expensive cars for $77 down, it’s not always the case and it really depends on your income, stability, and job history.
As an example, if you qualify for a $6,999 price car at $77 low down payment, but you decide you really want the 4-door 4×4 truck that costs $16,999. If your budget can’t support the higher payment, then you’ll need to put more money down until the payment is affordable. Some people do this with stored up savings, tax refunds, borrowed money from friends and family, or they save up over time. We never want to put a customer into a car they can’t afford. That doesn’t help the customer, and it definitely doesn’t help us.
Ok, I get it. Where do I start?
To know for sure, you just need to come in to one of the Utah car dealerships and do a 5 minute application. We’ll have you approved and let you know which cars you qualify for and explain our low down payments.
How to Take Care of a Car – Top 5 Things
December 20, 2015
How to Take Care of a Car: Top 5 Things
Owning a car could be a symbol of your style and status. But a routine maintenance procedure is quite essential for maximizing the reliability, safety and protecting your investment as well. Your car won’t magically take care of itself. For it, you should start reading the recommendations and maintenance tips by the automakers in the magazines or Internet. Next, you would be need of a good repair shop where you get essential tips from the certified technicians.
With a few tips and alertness, you could keep your car free from the troubles. Listed below are some of the important car maintenance basics that would help your car to run smoothly and stay ready for every road battle.
- Check out all the fluid levels: Nothing could affect the engine’s performance faster than the negligence in oil-level checks. So, see if the oil levels, including engine, brake, power steering, and transmission is up to the mark.
- Take care of the cooling and heating systems: Flush the cooling system of your car and change it once in a year. Keeping the cooling system in a good shape help prevents the corrosion and harmful deposits inside it. Both heating and cooling performance is crucial for interior comfort and safety reasons like defrosting. It should be taken care of properly to function well.
- Check the battery and exhaust system: Battery is the key component of a car’s electrical system. Regular maintenance of battery could avoid unwanted troubles and saves a lot. Make sure that all the connections are tight, corrosion-free. Exhaust leaks could be dangerous that is why it must get corrected before anything happen. If you heard any kind of unusual noise, then there might some damage, leaks, or broken parts. So, inspect it carefully before you start a long trip.
- Check out the brake and suspension: Brake is one of the most important parts of a vehicle so as the suspension. So, have an annual check and keep an eye on the brake linings, drums, and rotors at each oil change. Also make an intensive check for the shock absorbers, struts and chassis parts including tie rod ends, ball joints, and other major components. It would extend the life of your car’s tires.
- Check the tires and lights: Check the pressure on a regular basis, as the uneven wear would cost you for a wheel alignment. You should also check for bulges and bald spots. Do make sure that the lights are working properly. Because it is important for your safety while driving at the night time. Checking other electrical components like horns, wipers, etc. to ensure they are functioning accordingly.
The above mentioned basic car care tips could assure safety and a better performance. To obtain the best result, you could hire the service of a reliable source, so that you go well on your way.
Why do I need to Change my Oil?
November 15, 2015
Why do I need to Change my Oil?
We often get asked, “why do I need to change my oil?” The changing of a car’s oil is probably one of the most essential things a car owner need to do to ensure a high quality engine and extend life of the car, so as to get saved from the hindrance of repair and breakdowns. As part of daily maintenance, oil changes are vital to keep your vehicle running smoothly and efficiently. It is a simple process that can put a huge impact in your engine’s performance.
Oil is the lifeblood of any vehicle. Engine oil keeps the internal parts of your car’s engine lubricated and cool. It keeps the moving parts from colliding each other causing wear and damage. The oil also keep many components of the engine working efficiently which in turn reduces the accumulation of carbon and varnish from getting collected on the engine. Without frequent oil changes, dirt and sludge gets build up in the engine, and not removing them can mean less fuel efficiency and engine processing. This leads to serious damage. If things go bad enough, a chance of future engine failure is imminent.
That’s why it’s always advised to go for frequent oil changes to save your car from engine failure. Oil change also offers other myriad of benefits. Some of them are:
- Better engine performance: Frequent oil change keep your engine parts clean and lubricated. This in turn enhances your engine performance and allows user to have a smoother and quieter ride.
- Cleaner engine: Old oil contains certain amount of junk and debris in it which comes with a possibility of damaging parts of your car’s engine. Oil change will protect your engine’s vital components from harm, and ensure that your engine is
lubricated with clean and quality motor oil. The higher the quality of oil, the cleaner the engine will be.
- Extended engine life: Regular oil change reduces engine wear that results in a longer lasting car engine. Keeping the oil clean and fresh is the only way to lubricate and protect your engine from harmful debris. This boosts your engine’s performance and guards it against the most common causes for engine wear and breakdown. So, frequent oil changes are a great investment for your ride’s entire life.
- Better gas mileage: Who would say no to better gas mileage? Increased energy lubrication results in less energy friction that will enable an engine to run easily and smoothly with better gas mileage. So, get an oil change at a frequent interval and your wallet will thank you!
- Lower vehicle emission: Older cars or trucks many a times result in dirty oil that causes an excess of toxic engine emissions. So, an oil change will replace those dirty oil with fresh, clean engine oil that can absorb toxic particles and by-product emissions well.There are such benefits that come with frequent oil changes. It improves your vehicle’s engine and horsepower performance. This in turn, allows your car to maximize the horsepower it puts on the road by ensuring that all cylinders are operating to their full capacity.
Summary: Why do I need to change my oil?
If you care about your car, you definitely want to change your oil as often as suggested. Cars can be expensive. An oil change is a very cheap way to keep them running well.
Lucky’s Auto Credit includes oil changes with any car purchased to ensure your purchased vehicle runs as long as possible. Contact Lucky’s Utah Auto Shop to schedule an appointment today!