Why Your Credit Score Is Important

Your credit habits, which are reported by credit reporting agencies, impact your credit score and ability to get financing, so understanding how that information is reported can provide useful knowledge to help you take care of your finances.

What Is Your Credit Score?

The Consumer Financial Protection Bureau (CFPB) describes your credit score as “a number that is used to predict how likely you are to pay back a loan on time.” Most creditors, no matter what you are buying, not only make their decisions based in part on your credit score but, more importantly, may determine the interest rate you are charged based on your credit score. Both the CFPB and Federal Trade Commission (FTC) help consumers to understand credit scoring and how it may affect access to credit and other services. “Usually a higher score makes it easier to qualify for a loan and may result in a better interest rate,” says the CFPB. A person’s credit worthiness is partly influenced by their credit experiences, which are compiled in a credit report.

Credit reports may be checked for accuracy and copies of your reports are available from the national credit reporting agencies. The FTC outlines the options to request them here. For further information about credit scores, visit the CFPB Credit Reports and Scores and FTC Credit Scores website pages. Santander and financial institutions use credit score and credit report data, in addition to other sources, to make decisions on extending credit.

Learn About Your FICO

Whether you want to save cash on financing for your existing car or are looking for a low interest rate and APR to buy your next vehicle, checking your credit position and building credit may help you get started.

You can review your credit history in credit reports, compiled by the three major credit-reporting agencies, for free once a year. It will enable you to check for errors and inaccuracies that might harm your credit score.

That’s important because a higher credit score usually makes it easier to qualify for a loan and may result in a better interest rate, according to the Consumer Financial Protection Bureau (CFPB).

There are no hard-and-fast rules to building credit, but the CFPB offers these tips: pay your bills on time, every time; don’t get close to your credit limit; a long credit history helps your score; and only apply for the credit you need.

Santander uses a FICO score*, in addition to other sources, to determine financing for vehicles.

To get a copy of your FICO score, visit http://www.myfico.com/.

*”Bad” or “poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press), Bankrate.com, Credit.com, Investopedia, NerdWallet.com and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by Santander Consumer USA.

Credit Reporting

We report credit information to all three major credit bureau agencies at the end of each month. This information includes loan or lease amount, account balance, scheduled monthly payment, payment history and status of the account. Once the credit bureau agencies receive the monthly file from Santander Consumer USA, they update bureau reporting to reflect your demographic and account information. It can take up to 30 days for the reporting agencies to update a credit report.

The contact information for each credit bureau agency is as follows:

You may contact Santander Consumer USA by writing a letter describing your dispute. The address for disputes is:

Santander Consumer USA Credit Bureau Disputes
PO Box 961211
Fort Worth, TX 76161