Phony Credit Score Scam

Phony Credit Score Scam - How It Works

What Happened: You've found THE vehicle you want and are know moving to the next step in the purchase. The Finance manager wants to get you all set for financing the vehicle through his dealership so "he'll just run your credit". He comes back with your credit score and tells you that because your FICO score is " 610 - a little low" you won't be qualifing for the best rate. "Who cares" you say...you sign the paperwork for the terms he proposes - 5 years at 9.5% - because your really 'excited' about this vehicle. Of course... you'll soon be spilling mocha lattes on the seats and won't give a crap about it 3 months, but today you gotta have it.

Little did you know your credit score was not that bad and you COULD HAVE gotten an interest rate at around 6%, saving hundreds of dollars.

How to avoid the " Phony Credit Score" scam

First, always run your credit report YOURSELF before going to the dealer. It's amazing that many people don't have a clue what their credit score is! You need to know what's on your credit report and what your FICO score is.

It's very entertaining to watch the finance manager "tap dance" around as they lie to you about your credit score. Most don't expect you'll show up with "your own" credit report in hand - of course, never tell them in advance you have your own report...it's more fun that way. If the scores are way off, it's time to leave and find an honest dealer ..double the fun if they chase you out the door " begging for another chance".

More Bad Credit Auto Loan Scams

Spot delivery scam
Sold "As Is" scam
Phony credit score scam