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What Is COAF On My Credit Report? How to Settle Debt

George Simons | January 31, 2025

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: COAF on your credit report means Capital One Auto Finance. It may indicate a car loan inquiry or debt. If you don’t remember making this inquiry, you should investigate and dispute errors. If you owe COAF money, negotiate to settle the debt before things escalate to legal action. Use Solo to negotiate.

COAF on your credit report stands for Capital One's auto financing arm, also known as Capital One Auto Finance. It's a legitimate company. They provide auto loans and partner with dealerships to prequalify consumers for loans. If you see COAF on your credit report, you likely applied for or cosigned a car loan. You may have requested prequalification, which appears as a soft pull. If you don't recognize it, it might be a reporting error.

A soft inquiry is not a problem, as it won't affect your credit score. It's hard inquiries you should be concerned about because they can significantly affect your credit score. As a matter of priority, you want your credit score to be as high as possible.

A hard inquiry is when a lender or creditor pulls your full credit report to see if you qualify for financing or a credit card account. Every time a company pulls your full credit report, your credit score significantly drops even if you don't wind up qualifying for the loan. These inquiries affect your credit for up to a year and will only drop off the report after two years.

Whenever you request your credit report from the major credit bureaus, you hope everything is in order. You should recognize every account in your file. From time to time, though, some unknown accounts sneak up on you.

There are steps you can take to avoid hard inquiries on your report.

Settle debt with COAF

You can negotiate debt settlement at any stage of the collections process. SoloSettle makes it easy.

Settle with SoloSettle

You can avoid COAF's hard inquiries on your report

While you may not entirely avoid having COAF on your report when you apply for a car loan, you can reduce its effect on your credit score. Here are a few steps of caution you can take:

  • Don't let lenders pull your credit report too many times
  • Make as few trips to dealerships as possible
  • Be wary of cosigning car loans

Here's why you need to be careful.

Don't let lenders pull your credit report too often.

Car dealerships work with lenders to find a loan that fits your needs. The problem is that dealerships get so excited to sell that they go from one lender to another without realizing how the inquiries affect your credit score.

Also, depending on the scoring model used, either FICO or VantageScore, you have between fourteen to forty-five days to pull your full credit report, after which you start piling hard inquiries on your statement. The best strategy would be to begin a car financing project within the limited time you have to complete the process.

Make as few trips to dealerships as possible.

When you first apply for prequalification for a car loan, the lender doesn't have to pull your full credit report to check your credit. The moment you make the trip to the dealership, you have completed the process. You'll have to give your full information before taking a test drive. At that moment, the inquiry is considered a hard pull on your report.

Before visiting dealers, take the time to evaluate your options to prevent COAF hard inquiries.

Be wary of cosigning car loans.

Helping your friends and family out when they need a car loan but don't have a good credit score is okay. Just remember that the entry is reflected in your report as well. It can boost your score if the person is responsible and pays on time. On the other hand, the negative information affects you if they miss payments. Make sure you cosign loans for someone you trust.

But what if the hard inquiry is already reflected in your report?

How to remove COAF's hard pulls from your report

Yes, it's possible to remove COAF from your credit report. Try one of the following:

Dispute the inquiry

Sometimes, getting a hard inquiry off of your report is as simple as contacting each of the three nationwide credit bureaus on the phone and asking them to remove those entries. You can explain, for example, that you never expected the dealership to contact so many lenders on your behalf. Talk to Experian, TransUnion, and Equifax. They may just delete the extra entries and repair your credit report.

Most of the time, though, you need to go a step further. You need to send a dispute letter to the furnisher (COAF) and three major bureaus. COAF's address is:

Capital One Auto Finance

7933 Preston Road

Plano, TX 75024-2302

To dispute your credit report with the credit bureaus, click on the links or use the mailing addresses below.

Experian

Experian's National Consumer Assistance Center

P.O. Box 4500

Allen, TX 75013

TransUnion

TransUnion Consumer Solutions

P.O. Box 2000

Chester, PA 19016-2000

Equifax

Equifax Information Services, LLC

P.O. Box 740256

Atlanta, GA 30374-0256

Remember that each bureau works independently, so you'll need to dispute separately with each of them. You shouldn't be stuck with errors or hard inquiries on your report because you are scared of disputing. Credit report dispute is a free tool that is available to keep your credit healthy.

Who does COAF collect for?

COAF, or Capital One Auto Finance, is a financing company that offers loans to individuals who wish to buy a vehicle. If you've ever secured a loan from them, you'll have an account with COAF.

Online reviews for COAF

Facing a debt with Capital One Auto Finance can be intimidating. However, there’s information available to help you determine the best course of action. One of those resources is reviewing what other consumers have said online about their experiences with COAF. The following are some helpful resources:

Debt owed to COAF

If COAF contacts you about a past-due debt, you first want to ensure that the debt belongs to you and that the information COAF has is correct. A debt validation letter forces COAF to provide you with the information they have about the debt. This is a great way to get COAF off your back, especially if they've contacted you frequently about the debt. It's also a great way to prevent a lawsuit.

Even if COAF files suit against you, there is no need to panic. Just be sure to file a timely Answer to the court Summons. SoloSuit can help you draft an Answer in less than 15 minutes.

File a report with the Fair Trade Commission (FTC)

A COAF entry on your file may be a reporting error that COAF can quickly rectify, but it can be more serious. It could be a case of identity theft.

Identity theft is a sad reality that threatens consumers every day. If you see a COAF code on your credit report when you are sure you haven't had any dealings with Capital One, you may be a victim of identity theft. As a matter of urgency and priority, report the issue to the Fair Trade Commission (FTC) so that they can investigate the case and repair your credit report.

It's unwise to ignore hard pulls on your credit report. They affect your credit score. Do all you can to prevent hard inquiries. Even after they reflect on your file, you can remove them by disputing the entries, working with a credit repair company, or reporting errors and suspicious entries to the FTC.

If COAF (or Capital One) is suing you, respond ASAP

If Capital One has filed a lawsuit against you for an auto loan debt that you owe, don't panic—SoloSuit's got you covered. Here are three simple steps to help you beat Capital One in court without hiring an attorney:

  1. Draft a written Answer and respond to each claim listed in the Complaint
  2. Assert your affirmative defenses in the Answer
  3. File the Answer with the court and send a copy to Capital One's attorney

SoloSuit can help you draft and file an Answer in all 50 states.

Watch the following video for 6 helpful tips for responding to a Summons:

How to settle a debt with COAF

Settling a debt with COAF can be straightforward if you follow these steps:

  1. Review your debt: gather all the details you have regarding the debt, including the total amount owed, interest or fees, and the original terms of the agreement.
  2. Review your personal finances: Determine how much you can offer to pay both as a lump sum settlement or in an installment plan. You will typically receive a better deal if you can offer to settle the debt in a one-time payment.
  3. Contact COAF: reach out to them through their website, by mail, or by phone. However, if you make the initial settlement offer by phone, please follow up by sending it in writing.
  4. Be prepared for negotiations: COAF may send back a counteroffer.
  5. Get everything in writing. This includes a settlement agreement signed by both parties once you reach an agreed-upon amount for settlement.
  6. Make the payment or payments on time. Be true to your word and fulfill the terms and conditions outlined in your settlement agreement.

If COAF has filed a debt lawsuit and you reach a settlement agreement, ensure that you receive official confirmation from the court that the lawsuit has been dropped or dismissed. SoloSettle can help you manage the debt settlement process and negotiate online.

Learn more from the following video:

Settle with SoloSettle

Make an Offer

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