Fugate Ford Mazda Tips on Financing & Credit Repair

Whenever credit ratings and credit scores are discussed, a question that frequently arises is, "where does derogatory credit come from, how does it affect my credit score, and how do I get it removed?"

Derogatory credit can come from a variety of sources, and the information is not always correct. If a payment is missed or late (usually over 30 days past due) the creditor has the ability to notify the credit bureaus. It will immediately post on your bureau as a late payment and your computerized credit score will drop. The amount of the drop is determined by an internal formula known only to the respective credit bureau. If a debt is owed and not paid, additional debt is incurred, a collection or judgement is levied, or consumer counseling is entered into, it will all affect your consumer credit score.

It is a quick and reasonably accurate way to determine an individuals credit worthiness but it is not without its problems. Occasionally credit information will show up on your bureau that is not yours, your credit can be exploited through identity theft, or an irresponsible creditor who you have paid as agreed will not remove a negative report after the debt has been fulfilled. What ever the reason, if you have incorrect information on your credit bureau you need to know how it can be corrected or removed. The following information will be of interest to you.

There are 3 credit bureaus or reporting agencies and contact info:

          1. Equifax Credit Info Services, Inc
              PO BOX 740241
              ATLANTA, GA 30374
              1-888-202-4025, or to speak to a person, 1-800-685-1111

          2. Transunion
              PO BOX 2002
              ALLEN, TX 75013
              1-888-397-3742

         3. Experian
             PO BOX 1000
             CHESTER, PA 19022
             1-800-888-4213

You must order a copy of your credit bureaus to determine what accounts need to be corrected. The bureaus will include information on how to interpret the report. Once you have isolated an account or accounts that need correction you have 2 methods that can be used to make the correction.

The first method to correct misinformation is to contact each bureau individually and challenge the information included in the report. This can be done using a certified letter. State that there is erroneous information on your credit report regarding the following accounts. ( Then list the accounts you are challenging giving the identification numbers listed to the left of the creditor.) Request that the credit bureau either verify or remove the account information you have challenged. Then request that the credit bureau send you an updated copy of your credit report within the next 30 days. The credit bureaus are bound by federal law to verify this information within 30 days of receiving your letter, or remove the account completely from your credit report. You may also request that a note of explanation be entered on your credit report challenging the information entered to your account.

The 2nd method of credit repair is to contact the creditor that reported the information to the credit bureau. You can usually get the phone number and address of the creditor from the last page of your Transunion credit report. Verify the information. If the account was reported incorrectly or has not been updated after you paid the creditor, they can make necessary corrections quickly. If the information is correct, the creditor can tell you what is owed and where to send necessary payments to remedy the situation. If you agree to pay the alleged amount due to, request in writing that if you fulfill the collection requirement the derogatory credit entry will be removed from your bureau.


In the event of identity theft, all 3 credit report agencies have mechanisms in place to help you with your credit restoration. It is a long and difficult process and beyond the scope of this blog. However, there is a very simple method to avoid the hassle. Most major insurance carriers have credit insurance available that can be added to your homeowners policy. It is inexpensive (usually apx $15 annually). In light of the fact that the average hours spent recovering from an identity theft in 2004 was apx 300 hours and 41% of those are still dealing with the problem, I would say it is money well spent. Some of the stats I've seen project that over 50% of the adult population in this country will fall victim to identity theft before they reach retirement age. This is a possible topic for a future. blog.
Adios!! See you at Fugate Ford  :-)

New Vehicle Safety Ratings

 The National Highway Traffic Safety Administration ( NHTSA) is imposing new tougher vehicle safety ratings starting 2011. Only 55 vehicles have been chosen for this new test so far. For the other vehicles not chosen at the time, still along with the 55 chosen, their safety rating will be no different from the 2010 ratings still. Benefiting the safety of drivers and passengers all the time, NHTSA has raised the "safety" bar for all vehicle manufacturers. A lot of the 5 star rated vehicles may be 3 star rated vehicles here very soon. This does not mean that the safety of the vehicle has gone down, but testing standards are significantly tougher. Having added more demands for safety will encourage the advancement in manufacturer's safety technology to make sure customers are that much safer. Remember, while ratings on current models will probably decrease, real world safety has not.

Parts ordering tips!

So many parts, it's hard to pick out the right one. If you are ordering a part for a 2003 or newer Ford car or light truck, it's a great idea to have the vin# of your vehicle. With Ford's HVBOM ( Historical vehicle build of material) it will tell us, for the most part, what part was installed at the factory. This is a great tool for the parts department to have, it takes the guess work out of looking up a part.

Key Codes are available for Ford for vehicles that are 10 years old and newer. Ford keeps original key codes for 10 model years back and are available for the registered owners use. Ford has very strict rules on giving key codes out. You must be the registered owner and have proof of that to get a key code from the dealer. If your Ford is nearing that 10 model year number you might want to get that code and keep it in a safe place, with the proper proof of course. Just some parts ordering tips.