What does EQUITY AUTO FINANCE mean on my credit report?

Updated January 1, 2023

What is EQUITY AUTO FINANCE?

Equity Auto Finance founded on creation opportunities for its team members, customers and the local community around them. The company went into the auto finance business to support dealership networks who provide financing for their clients. Henry Silvia became president/CEO after succeeding Larry Courtney in October 2017.

EQUITY AUTO FINANCE is a Automotive Trader provider. They could be on your report for a number of reasons, for example:

• ⚫ You missed a repayment.

• ⚫ You opened an account with .

• ⚫ You opened a credit card / loan / mortgage with this company.

• ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for :

Website:

• equityautofinance.com

Payments

Equity Auto Finance offers a 90 Days Same as Cash Program that enables customers to shop for better rates and terms after they purchase their car. There are no stated credit score requirements, maximum loan amount, or Payment to Income ratio. Co-signers are only necessary on rare occasions. Equity Auto Finance offers a variety of payment options, including a mobile app. Other payment options, such as using a check or money order, are available. There are no penalties for late or missed payments.

Question	Answer
Do they offer a monthly payment plan?	No
Can I make payments over the phone?	No
Can I make payments online?	Yes
Do they offer a discount for automatic payments?	No
Can I make a payment using a mobile app?	Yes
Can I make a payment using a prepaid debit card?	Yes
Can I make a payment using a wire transfer?	Yes

Forgiveness and Cancellation

Loan forgiveness and consolidation are two options that are available to students who have loans. To qualify for loan forgiveness, the student must have made 120 payments on their loan. For loan consolidation, the student must have a Direct Consolidation Loan.

Question	Answer
Do they offer loan forgiveness?	No
Do they offer loan consolidation?	No

How to Apply

You can apply for a loan online with Equity Auto Finance. They offer a 90 Days Same as Cash Program and use a non traditional approval process. The minimum credit score acceptable is not considered when making a decision, and Payment to Income ratios are considered on an individual basis. There is no stated maximum loan amount, and co-signers are rarely requested. Dialogue is encouraged with dealers for further insights.

Question	Answer
Can I apply for a loan online?	Yes
Can I apply for a loan over a phone call?	No
Can I apply for a loan in person?	No
Can I apply for a loan using a mobile app?	No
Can I apply for a loan with a cosigner?	No

IdentityIQ Report Example

• This is an example of what this creditor will look like on your IdentityIQ report.

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

• Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
• Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

• Account Age: If your account is quite old, then the age of it will positively impact your credit score
• Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Automotive Trader

A Automotive Trader is any company that buys or sells vehicles. They will report on your credit report if you bought a car on credit or took out a loan during the purchase of your car. The repayment date is normally around three years, and the interest rate is typically between 3-13%. If you fail to make payments they may hire a collections agency which will try to either:

• Collect the (alleged) missed payments
• Try to reposess the vehicle

Either option is not ideal for you life as it may cause undue distress, expecially if the debt has not been reported correctly or there has been a mistake in the reporting process. The best way to protect yourself from automotive debt collectors is to challenge then repair any potential errors on their reporting.

How do I remove EQUITY AUTO FINANCE from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.

• Sample Equifax Dispute Letter
• Sample Experian Dispute Letter
• Sample TransUnion Dispute Letter