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

10 min read

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Capital One Auto Loan (COAF) is a legitimate auto finance firm that offers to finance new and used cars by providing loans to prequalified consumers. You most likely see a COAF on your credit report if you have applied for or consigned a car loan.

This article details COAF, its role, and how it can affect your credit score.

What Is COAF?

A COAF is a credit report code for Capital One Auto Finance. Another variant of this term includes ‘Cap one auto’ and ‘capital one auto fin.’ It is gotten when your credit card is subjected to a hard inquiry due to applying for or cosigning on an auto loan with Capital One Auto Finance.

Remember that finding a COFA on your credit record does not always imply a scam because Capital One Auto Finance is a legitimate company. It would only mean that you have an account with them or that they ran a credit check on you.

Why Is COAF On My Credit Reports?

A COAF might appear on your credit report for various reasons, some of which are legitimate and others fraudulent. Here are three reasons a COAF can be on your credit report.

  • Car loan application:

When you apply for vehicle financing through COAF, they will typically do a credit check on you to verify your eligibility for the loan. This inquiry, also known as a pull, can be hard or soft. Soft inquiries usually have no impact on your credit; however, hard inquiries do.

  • Auto Loan Issuance:

Lenders typically record your monthly loan payment to at least one of the three main credit bureaus. Thus, if you have been approved for a car loan or previously had one, a COAF will appear on your credit report.

  • Cosign a vehicle loan:

If you have a better credit history than the principal borrower, you can cosign a loan for them. It is important to note that not only will a COAF appear on your credit report, but it will also impact your credit. For example, if the primary borrower handles their payments effectively, it will improve your payment record; if they act otherwise, it will harm you.

Identity theft occurs when you do not apply for or cosign for auto finance and do not have a car loan issuance, but you discover a COAF on your credit report. This means someone is committing fraud using your personal information, such as your name, address, or social security number.

How To Remove COAF From My Credit Report

If you have a COAF on your credit report for a legitimate or fraudulent reason, here are three ways to remove it.

  1. Suppose a dealership uses your information to shop around for an extended period. In that case, you can contact Capital One or any credit reporting bureaus to outline your dispute. They can be reached by phone, email, or postal mail.
  2. You can contact a credit repair service: Credit repair agencies, such as Imax, can act as go-betweens for you and a lender or credit agency. They would assist you in gathering evidence and handling communication with these agencies to remove the inquiry from your report.
  3. In cases of fraudulent behaviour that results in an inquiry on your report, by law, you have 30 days to dispute the inquiry once it appears on your report. You can send a letter to Capital One contesting the COAF inquiry.

Soft Inquiries

A soft credit inquiry may appear on your credit record if you speak with a lender about a pre-approval quote without ever applying for a loan. Also, an existing creditor may conduct a soft inquiry to check on your current credit position. A soft credit inquiry, on the other hand, does not affect your credit score.

Hard Inquiries

These typically appear on your credit report when you apply for a new credit loan or line of credit and the lender does a credit check. For example, if you opt to join a Capital One dealership after being happy with the auto loan terms, you may have a tough draw on your credit.

Again, if you choose not to use the Capital One financing option and instead use another, you will notice one or more credit inquiries on your record. This means that even if you do not initiate an auto loan with Capital One, prequalification and a complete application with the lender will result in a COAF appearing on your credit report as a hard inquiry, which is terrible for your credit.

COAF Contact Information

Capital One Auto Finance can be contacted through;

  1. Their address: P.O. Box 30279. Salt Lake City, UT 84130-0279
  2. Phone Number: (877) 383-4802
  3. Website: www.capitalone.com

How Long Will A COAF Stay On My Credit Report?

A COAF that appears on your credit report due to a hard inquiry will typically be there for roughly two years. Remember that a short pull might be detrimental regardless of whether you are approved for the auto loan.

Send A Credit Dispute Letter To A Credit Bureau

If you find fraudulent activity on your credit report, you can file a letter to dispute it to a credit bureau. The contact information for each bureau, where you can send a letter disputing a credit report, is included below.

Experian Equifax Transunion
Experian’s National Consumer Assistance Center

P.O. Box 4500

Allen, TX 75013

Equifax Information Services, LLC

P.O. Box 740256

Atlanta, GA 30374-0256

TransUnion Consumer Solutions

P.O. Box 2000

Chester, PA 19016-2000

Use a Credit Repair Company To Get Inquiries Removed Today!

A credit repair business can assist you in removing a hard inquiry from your credit report. Consider dealing with IMAX credit if you’re seeking a trustworthy credit repair organization to assist you in restoring your credit.

Get a free consultation with one of our credit repair consultants, call (866) 611- 4629 or send us an email today.

Ali Zane – CEO & Founder Speaker

Ali is a credit repair advocate with nearly 20 years of experience providing his clients with high-level access to resources that resolve their credit problems. Ali became involved in the credit repair industry following his concern for a lack of ethical and effective credit repair services for consumers and mortgage lending professionals. He has written extensively on credit/finance and is a sought-after public speaker.

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