About Your Credit

We report your credit experience to Experian, Equifax and TransUnion. Learn all about credit and credit scores from these articles.

What is Your Credit

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 CFPB 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.

Credit FAQs

How is my credit score used?

Financial institutions use credit scores to gauge credit risk and structure particular loans – including interest rate. In most cases, the higher the credit score, the lower the risk.

Why is a credit score important?

While getting a new automobile can be an exciting time, it can also be a complex experience. Just picking out a color alone could take a while.

That’s why it’s good to know your credit score before going into the car-buying experience. Since your credit report reflects how you manage your financial responsibilities, being aware of any and all debt associated with your credit score can help prepare you for the loan you receive from the lender. It also helps you have realistic expectations on the final amount of interest you wind up paying.

What impacts my credit score?

This question often refers to credit history. When you have credit cards, home loans, auto loans and other financial accounts, paying these on time per the agreed upon terms helps show creditors and lenders that you pay back your debts and are reliable. Paying late on current or even past accounts can lower your credit score. Also, the amount of debt you owe on current accounts can have an impact on your credit score.

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/.

Credit Reporting

We report credit information to all three major credit bureau agencies at the end of each month. Although we submit the information to the bureaus at the end of the month, the bureaus have 30 days from the receipt of our data to update a consumer’s credit report. We report credit data to Experian, Equifax and TransUnion. The contact information for each is as follows:

(888) 397-3742
(800) 916-8800
(800) 685-1111

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