What Is COAF And Why Is It On My Credit Report?

What Is COAF

On the off chances that you recently purchased a car of your own or applied for prequalification from Capital one auto finance, then there are high chances that you may see an inquiry on your credit reports from COAF.

COAF happens to be present on a credit report as a hard inquiry and occurs whenever someone applies for car financing.

If you witness COAF present in your credit report, you should eradicate it as soon as possible as it really damages your credit score.

But you know what the best part is? With the right guidance, you would be able to get COAF hard inquiries off your credit report within no time.

With that being said, An article is being written down below that solely focuses on what actually COAF is and why it is being shown on your credit report.

Please stick with us till the end; we are sure that you would receive a sigh of relief for sure!

Why is COAF on My Credit Reports?

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First, just witness a Car One offer a new as a hard inquiry on your credit report? Then there’s nothing to be worried about, as we have got you covered in this regard. 

 Whenever someone wishes to buy himself a car and in this regard, he seeks the help of Capital One Auto finance, he will be granted a loan via the company’s finance arm.

Once you applied for your car financing needs, there are high chances that you might witness this activity of yours to be reflected on your credit reports as a credit inquiry, or you can call it a credit pull as well.

Hard and Soft Inquiries:

Hard and Soft Inquiries

Usually, whenever someone applies for prequalification with COAF, there are higher chances for a person to see a soft credit inquiry pop up on their credit report.

Though soft credit inquiry pops up in a person’s credit report, there is nothing to worry about as a person’s credit score won’t get hindered with this appearance.

Whereas, on the off chance that you loved the estimated auto loan terms that were generated and shown to you via prequalification, and then you decided to take a trip towards a participating dealership.

Then there are high chances that you may have completed your car auto finance loan application in a hard credit pull.

And with that being said, a hard credit inquiry can surely hinder your credit report as well as your credit score.

What counts to be the awful fact of this hard credit inquiry is that just like the soft inquiry, it can’t be removed from your credit report and took around a span of two years to get themselves removed from a credit report.

Though there’s a chance that the final terms that were introduced with you seem to be somewhat less attractive and thus you decided to seek for to opt for a different financing option, still according to the experts, you won’t be able to get your credit report safe from this COA.

You might end up getting one or two credit inquiries on your credit reports.

In much simpler words, if you didn’t go for a car financing loan with Capital one auto finances, still your prequalification and the full application that you submitted for the car auto finance loan would cause COAF to appear on your credit report. 

And going on with the assumptions, on the odd chances that you didn’t apply for the car financing or auto loan from Capital One Auto Finance.

You have the hard inquiry from the COAF present on one of your credit reports, then there is a high risk that you may be dealing with a case of identity theft, and one the off chances that you might get caught with it, then the consequences you would be facing would be terrible.

Hence, with that being said, if you find a hard inquiry on your credit report, even though you didn’t apply for the car auto financing loan in the first place.

Then we would advise you to approach the higher and suitable authority in this regard and do whatever it takes to take that hard inquiry of your credit report to avoid getting involved in a deep mess or inconvenience in the future.

What to do if there’s an Account, you Don’t Recognize on your Credit Reports?

Many of the users haven’t found themselves surrounded by a COAF before, and once this car, one auto finance shows itself on one of your credit reports unexpectedly.

Three are high chances that you may get confused and stress about it as you won’t be aware of why this COAF popped on your credit report.

However, this tends to be a natural phenomenon, and most people usually suffer from this problem.

Hence, on the off chance that you found yourself in a similar situation, then really there’s nothing you need to worry about as we have got you covered in this regard.

First thing first, as soon as you get the understanding of the fact that COAF means car one auto finance, it would be a matter of relief for you as you will be well aware that this hard inquiry is present on your credit report due to the application you submitted for the car financing loan.

However, on the off chance that you didn’t apply for the car one auto finance loan and this hard inquiry present on your credit report is an error.

Then the things can turn to be bad from now onwards, as it seems to be an unauthorized inquiry, which simply reflects the sign of identity theft. Identity theft is a thing that you don’t want to come one on one with.

Once you get surrounded with a sign of Identity theft, then there is a high risk that your personal information, including your bank account details, your bank transcriptions, your address, and all similar stuff, is at stake and can easily be used by a manipulative person for his personal interest.

Hence, this is why the professionals believe that one should keep track of his credit report and view them regularly to make them fully aware that everything on the credit report is excellent and things are going on as planned.

One of the things that people aren’t aware of is how they can ask for their credit report, that too frequently to keep a check on them regularly,

But since technology has picked up its pace and has introduced us to modern technology, getting a credit report is much easier than before. 

Lately, there are three major consumer credit bureaus: Annual credit report, Equifax, and TransUnion that allow users to view their credit report for free for a span of 12 months.

Though you might need to purchase their premium version once the free trial ends, however for one year, you would be able to keep a rain check on your credit report super easily.

How to Remove a COAF Hard Inquiry?

How to Remove a COAF hard inquiry

Now here comes the part that most of our readers must be waiting for, and without any further delay, allow us to educate you about how you can get rid of these hard inquiries from your credit report.

While checking up your credit report, if you find something totally unrelated to you or something that has zero connection with you, then you have a hundred percent right to dispute that hard inquiry present on your credit report with the major consumer credit bureaus.

Make sure to consult only the bureaus which you have used to take out your credit report.

Make an application to them, file your respective concern to them, tell-all about the unwanted hard inquiry present on your credit report, and attach any proof that you might have on your hands that can make the agents believe your application.

Once you are done submitting your file of the dispute to the respective bureau, the bureau now becomes obliged to investigate and dig down to your dispute, and once they find that the hard inquiry mentioned was wrong.

They would immediately correct it and would issue you a new error-free credit report within no time!

Conclusion!

While wrapping it up, the information provided above tends to cover each and everything that you might need to know about what Car one auto finance really is and how it popped on one of your credit reports.

On the off chance that you are one of the people facing this issue, we would advise you to go through our article thoroughly, and we are sure that you would find this article to be fruitful for you.

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