What is COAF on your credit report?
COAF is a credit report code that stands for Capital One Auto Finance. It’s utilized to represent any financial transactions or loans associated with a Capital One car loan. You may also see similar names like ‘Cap One auto’ or ‘Capital One auto fin’ used too. These are just different ways of saying the same thing – they all point to car loan activities with Capital One.
Why COAF Appears on Your Credit Report
COAF may appear on your credit reports for various reasons, all related to auto financing with Capital One:
- Application for a car loan: If you’ve applied for a Capital One auto loan, a COAF credit inquiry will be recorded on your report as a part of the credit check process.
- Existing auto loan: If you currently have an auto loan with the bank, COAF will appear on your report to indicate this existing loan.
- Co-signing a loan: If you co-sign an auto loan for someone else, this will be reflected in your credit report as COAF.
- Unauthorized inquiries or errors: There are cases where COAF might appear on your report due to an error or an unauthorized credit check.
- Identity theft: An unexpected appearance of COAF could be a warning sign of identity theft, particularly if you haven’t engaged in any auto financing activities with Capital One. This suggests that someone may have fraudulently used your personal information.
How COAF Hard Inquiries Affect Your Credit Score
A hard inquiry from COAF occurs when Capital One checks your credit history as part of your loan application. A single hard inquiry usually causes a small decrease in your credit score. However, having multiple hard inquiries within a short period can have a more significant impact, making it harder to qualify for loans or favorable rates.
How Long COAF Inquiries Stay on Your Credit Report
Hard inquiries from COAF will stay on your credit report for up to two years, regardless of whether your loan application was approved or denied. These inquiries are recorded by the three major credit bureaus—Equifax, Experian, and TransUnion. While they stay on your report for two years, their effect on your credit score typically diminishes after the first year.
Addressing Unauthorized COAF Inquiries
If you see a COAF inquiry on your credit report that you don’t recognize or didn’t authorize, you should take the following steps:
- Contact Capital One Auto Finance: Reach out to Capital One to confirm the reason for the inquiry and ensure it was authorized.
- Dispute with the Credit Bureaus: If the inquiry was unauthorized, file a dispute with the credit bureaus. Provide the details of the inquiry and explain that you didn’t approve it. Request its removal and follow up until it’s resolved.
Capital One Auto Finance Contact Information
Address:
Capital One Auto Finance
8050 Dominion Pkwy
Plano, TX 75024
Phone number: (800) 946-0332
Removing COAF Inquiries from Your Credit Report
If you believe the COAF inquiry was unauthorized or negatively affecting your credit, you can dispute it with the credit bureaus. Credit repair companies like Credit Saint specialize in removing unauthorized hard inquiries, as well as other negative items such as late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Take Action to Repair Your Credit
If hard inquiries or other negative marks are affecting your credit, consider reaching out to a reputable credit repair service like Credit Saint. They offer free consultations and can guide you on improving your credit score. Visit their website and complete the form to get started on your path to better credit.
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