OTA Issue 4 2016

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18 Oregon Trucking Associations, Inc. Oregon Truck Dispatch
This guide will help owner/operators and fleet owners manage
their finances and help get them on the road to success.
1. Park Your Papers in One Place. It sounds like a no-brainer, but when you’re on the road
for most of the year, staying organized can be a challenge. It’s crucial to store financial documents
in one spot that is easily accessible. Always try to keep records of your last three months of bank
statements and last two years of tax returns for easy access, as well as any other important
documents like service and repair records, warranties and licenses.
2. Avoid the Potholes of Bad Credit. Avoid overextending yourself and hold off on applying
for credit when you don’t need it. Use a payment calculator to determine what monthly payments
you can reasonably afford and account for additional costs, such as insurance, warranties, and
licensing and registration. You should also set aside 10% for buffering unknown expenses.
3. Navigating Around Bad Credit. You can shop around with lenders to pick the lowest rate
or best overall deal. Obtaining a co-signor can help get the interest rate down, as will saving a little
longer for a larger down payment. Making sure to pay your bills on time and paying off credit card
balances and other revolving credit every month also help.
4. What if You Find Errors in Your Credit Score? Under the FCRA, both the credit
reporting company and the information provider (that is, the person, company, or organization
that provides information about you to a consumer reporting company) are responsible for
correcting inaccurate or incomplete information in your report. To take full advantage of your
rights under this law, contact the credit reporting company and the information provider. Make
sure to document in writing what you think is incorrect. For more information, visit
or the Federal Trade Commission: www.ftc.gov.
5. Have Patience. Remember, it takes time to improve credit scores. Delinquencies remain on
your credit report for seven years. Most public record items remain for seven years, although some
bankruptcies can stick around for ten years. And unpaid tax liens stay for ten years. Inquiries
remain on your credit score for two years.
6. Bad Credit? Don’t Despair. Many lenders will consider other factors besides credit score.
Applying online affords you the purchasing power to negotiate with dealers and the freedom to
shop anywhere.
About Charlie Baker
Charlie Baker has more than 10 years of experience in personal and business
banking. Green Truck Financial strives to make the Pacific Northwest economically
stronger and ecologically greener by delivering competitive, affordable loans for
newer, cleaner trucks and deploying drivers throughout the region.
FINANCE
THE DRIVE TO SUCCESS
6 Easy Ways to
Improve Your Credit
By Charlie Baker, Underwriter & Team Leader at Green Truck Financial