Have you recently checked your credit report and noticed an unknown term COAF? Then it could be the result of an inquiry for a Car Loan from Capital One.
Capital One is a financial company that offers various banking and financial services such as loans, credit cards, savings accounts, etc. COAF is a service by Capital One that offers auto or car loans to people according to their needs or eligibility.
In this article, we are going to focus on COAF and why it appears on the credit report. You should take immediate steps to remove it from your credit report.
What is COAF?
COAF is a code for an inquiry of a car loan on a credit report or if someone has just bought a new car and taken out a loan from Capital One. This is completely legitimate and if that person hasn’t done that then it could be that he is a co-applicant for a car loan taken by someone close to him.
Whenever someone applies for a loan and has pre-qualified for it, this will reflect on the credit report. It results in a soft credit pull and stays on your credit report. If you decide to move forward with the loan application and successfully take out the loan, then it will turn into a hard credit pull and will stay on the report for a long time.
What Are Hard And Soft Inquiries?
Banks and other financial companies perform a credit check to check whether the person is eligible to take out the loan or not. A good to moderate credit score is very important in this regard. It usually does not affect the credit score, unless you apply for the loan.
When you check the eligibility by checking for your credit score, it is referred to as a soft credit inquiry. After qualifying the eligibility for taking loans, when you apply for the loan from a financial institution, it is usually referred to as a hard inquiry.
Why Is COAF on My Credit Report?
It is always a good thing to keep a check on your bank statements, credit card statements, and credit reports as well. If you have noticed an unidentified term COAF on your credit report and you are wondering what it means and if it affects your credit score.
As discussed earlier, you will notice this on your credit report if you have a recent credit check or inquiry regarding a car loan from Capital One. If you are sure that you haven’t inquired about the same, then it could be the case that you have become a victim of identity theft and someone has used your personal information to inquire about the loan.
How To Remove COAF From My Credit Report?
If the inquiry is done by you only then it will stay on the report for some time and can not be removed manually. But if you believe that it’s you and some third party that has misused your private information, then you will be able to report it and remove COAF from your credit report.
According to the Fair Credit Reporting Act, you can report a dispute within the first 30 days when it appears on your report. You need to write a letter addressing the issue and send it to the address below.
COAF Credit Bureau Dispute
Capital One Auto Finance
PO Box 259407
Plano, TX 75025-9407
Frequently Asked Questions
What Is Capital One Auto Finance?
Capital One Auto Finance provides financing services to people who want to purchase a new or used car.
How Do I Contact Capital One Auto Finance?
You can contact the customer service team of Capital One Auto Finance on this number 1-800-946-0332.
By wrapping up, this is all you need to know about Coaf on your Credit report and how you can remove it from the credit report easily and efficiently. If you are a victim of identity theft then you must report it as soon as possible.
Nyra handles business research, writing financial documents, news items, articles, and study materials about finances.