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Discussion in 'Credit Talk' started by jen, Aug 12, 2000.
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Access to CRAs works on the principle of zoning whereby a credit report is pulled based on where one lives, a region of the country that correlates the credit grantor parameters. Even so a credit grantor (Ford, GMAC, CCC, or VW Acceptance) can obtain an additional report from whomever they choose.
Take Southern California for instanceâ?¦ A resident in Orange County who applies for auto financing generally has an Experianâ?? report acquired by both dealer and lender. The lender, however, could (by choice) have a Trans Union report run also; or for that matter Equifax too. Although here are other factors to considerâ?¦
Sometimes an auto lender will only use the report provided them by the dealer, and wonâ??t bother to run another. This depends on how strong the dealer is as far as financing and whether or not the paper is guaranteed (by the dealer) to any extent. A dealer may provide the lender with partial or full recourse, meaning that if the buyer defaults within a certain period of time the dealer must repurchase the contract (sort of like co-signing). So the lender, in the case of recourse financing, usually relies on the report given them by the dealer; recovery risk is substantially diminished by the dealer recourse.
Bottom-line is that itâ??s hard to predict which CRA auto lenders will run, other than zoning protocols, especially if the underwriting guidelines are restrictive for your area. The best thing I can suggest you do is attempt to cleanup the other reports, BEFORE applying for a loan. Other than that you could ask your local dealer what CRA they subscribe to, which may give an indication of the CRA the lender is likely to use. Rest assured, nonetheless, running secondary reports is not a common practice among auto lenders â?? but is still very possible.
Hope this helps and, BTW, best of luck!
Keep The Faith,
RE: CRA Zoning
I thank you for taking the time to explain all of that to me. I have been sick with worry all day long about this loan. My credit has been exellent for the last 5 years or so but have a judgment (college debt that I am paying) and a collections (being disputed) prior to that. I have never bought a new car for fear of being declined BUT I think I am going to get the car! They were very helpful and optimistic. Will find out Monday and be able to breathe again!