Q: Where did you get my information/credit from?
Credit-reporting agencies, such as Equifax and Experian, provide promotional marketing lists (just names and
addresses - not your entire credit file) of people who meet certain predetermined credit criteria. This is a common
form of direct marketing (credit card and mortgage offers are good examples of these types of promotions). We do
direct marketing through the credit agencies with some of the lenders in our network.
Note: these types of promotions do not show up on your credit report, and do not affect your credit score.
Q: Is a credit check required?
Yes. The only way to find the best interest rate to refinance your auto is for the lender to make an inquiry into
your credit history.
Q: Will my credit score be affected when rateGenius accesses my complete credit report to evaluate the credit worthiness of my application?
Many scoring models consider whether you have applied for credit recently by looking at "inquiries" on your credit report when you
apply for credit. If you have applied for too many new accounts recently, those may negatively affect your score. However, not all
inquiries are counted. In fact, when you refinance your auto through rateGenius, your credit improves when your current
auto loan is paid in full.
Q: Will it hurt my score when you check my credit to make me an unsolicited offer?
A credit inquiry by rateGenius for a prescreened offer is considered a "soft inquiry" by the credit reporting agency.
This means your credit score is minimally affected. Plus, when you refinance your auto through rateGenius, your credit
improves when your current auto loan is paid in full.
Q: Will all the lenders in the rateGenius network check my credit?
No. One or two may inquire into credit after rateGenius has made the initial credit check. Keep in mind, because of
new credit regulations passed in 2004, you can make multiple inquiries related to a single transaction and your score
will not be affected any further, as long as the additional inquiries are made within 14 days from the initial
Q: Do you share or sell any of my information?
Any information collected by rateGenius is only distributed to authorized agents or lenders within the rateGenius network,
or as may be required by federal or state law or by court order. Otherwise, rateGenius will not sell or share any personal
information in regards to yourself or with any person and/or organization without your authorization.
Q: I know my credit score. Is it still necessary to pull my credit?
Because credit scores can change without notice, an inquiry into your credit history is still necessary in order to find
the best interest rate possible in auto refinance. Also, your score is only part of your credit file, and lenders look at
your full credit history before creating their offers.
Q: Can you tell me my credit score or send me a copy of my report?
Under federal law, you have the right to obtain a free copy of your credit report from each of the
nationwide consumer reporting agencies once a year. You can order a copy of your credit report by
calling toll-free 877-322-8228 or on the web by visiting www.annualcreditreport.com. RateGenius and
any lender who pulls your credit is also required to send a notice of your credit score and reasons
surrounding the approval or decline of your auto refinance application. These notices will be sent to
you within 5-7 business days after your application has been decisioned, and a copy of your credit score
disclosure notice will also be included in your loan package. If you receive a prescreened offer from
a rateGenius mailer and you DO NOT submit an application, you will not receive a credit notice.
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