I would love to know who pulls strictly Equifax reports for an auot loan. My Equifax score is the highest yet it shows a 6 yr and 2 month old chpt 13 bk. Score is 625 with 4 pays as agreed accounts. My TU is out of the question...public records still have not fallen off and more collections than the rest. Score is around 540. My EX has no public records but more collections with all of them being medical. Score is 540 with 3 pays as agreed accounts. So I was thinking that if I could find a dealership who pulls EQ I would be all set but then they say this: "We pull all three reports". "We pull TU but then the finance company pulls EX....or EQ". See what I mean? Anyone here know how I could get an auto loan answer based soley on my Equifax report? Thanks peoples! SnakeMan
household exclusivly pulls equifax for credit cards(at least for me 3 times). maybe try their car loan section online.
Read the small print at the bottom of the ads in the newspaper. The ones here say 'beacon score' in the small print. Beacon = EQ. I think 'beacon' is the EQ term for their version of the fico.
Don't know where you're at, but if you're near Dallas, Community Credit Union (www.communitycu.org) pulls EQ. You might try calling a local bank or CU that you can be part of and ask to speak with a loan officer and get details on who they pull.
We just bought a van last week in FL. They ran our report 20 times, talk about a major drop in score, I am going to have to do something about all those inquiries. Anyway all but 3 were with EQ, and the ones that did pull the others, also pulled EQ. Drive Financial, Fairco, SAFCO, Roadloans, CapOne, HH, you name it they pulled it. UGH.
depends on what area you are in. for most auto finance companies the primary bureau is efx. i'm in texas (d/fw) ford, gmac, honda, chase, omni, vought, bofa, wfs, arcadia, wells fargo, household, nuvell, triad, regional, centrix, national auto, 1st investors. they all pull efx as the primary. but that doesn't mean they might not pull the others. depending upon the relationship that the buyer (loan officer) has with the finance director at the dealership. my buyer's know not to pull any other bureau unless i ask them to and then i tell them which one to pull. that is why dealerships need access to all 3 bureaus so we can find the qualifying credit needed to get the loan approved. one thing about the bk that still shows on efx and tu. is it discharged or dismissed? also the 4 paid as agreed accts you mentioned are any of them installment accts. or paid autos? these things sometimes are more important than the actual score. i'm new to this web site. i stumbled across it while looking for some bk info for a customer. i'm not trying to be nosy about your business but i may be able to give you a couple of ideas to help you out. good luck..
The Bk was dismissed a couple months after we filed. The 4 good accounts: 1 car loan through CAC for 24 months at 522 a month at 24.9% Payed on time no lates and for 9 months so far. 2 are CC's and one is paid off and one is owing 178$. Both are open and never late. 1 is a jewlery store never late but closed by credit grantor. What do you think? Oh, and one more thing, a charge off ford account from 3 years ago that was paid. It was in the BK but what happened was i reaffirmed it and then they just marked it as charged off/bad debt and never reported again. Even though I kept the truck and payed on time for the next 1.5 years and payed it off.
It probably does depend upon the area where you live. I'm in the DC metro area, and when I bought a car last year, everyone pulled Equifax--my credit union, BofA, Toyota Finance, and Carmax Finance.
well... the dismissed bk is not what we like to see. however the age of it is on your side. some lenders policies are no dismissed bk's period. some are ok with it if you have reestablished (usually minimum 12 months auto history afterward paid as agreed). the fmcc would not qualify since it is reported as charged off and it is 3 yrs old. unless you can provide the reaffirm papers and a spotless pay history on the remaining balance. however you are only a few months away on the current auto you have so it would probably not be needed. are you trading the open auto that you have? is the open auto reported on all 3 bureaus? what about the fmcc does it show on all 3?
With a BK, you will likely (not always) want to see the Special Finance Manager (should the dealer have one). If they do have such a department, they will pull all three, take your best one, and match you up with a lender who accepts that bureau. Go to a bigger dealership who has someone that specializes in all types of credit. Also, if curious, just call your prospective dealer and ask them who they primarily pull. Remember, just because Toyota, for example, pulls Experian, doesn't mean the sales desk won't pull all three, in order to qualify you with another bank or credit union.
If you already have a loan with fmcc, i would suggest applying online at their website if it is definitive that they pull from EQ. I know that on my 2 cars here in texas they did pull EQ. the first i qualified for online and the second i went into the local dealer and they did all the paperwork. the people at fmcc were very helpful in my online app. just my .02
