What does ONESTOP AUTO mean on my credit report?

Updated January 1, 2023

What is ONESTOP AUTO?

ONESTOP AUTO is shorthand for OneMain Financial, with the company name being OneMain Financial Inc

ONESTOP AUTO 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 OneMain Financial.

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

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

About the account

• ⚫ The average high credit balance is $6300.

• ⚫ The typical loan duration is 24 months.

The account is classified under the following METRO2 categories:

• ⚫ Auto Loan

How do I contact them?

Here is the current contact details for OneMain Financial:

Website:

• onemainfinancial.com

Payments

payments can be made online by credit or debit card, or by PayPal. You can also mail a check or money order to the address provided.We offer monthly payment plans for our services. Customers can choose from a variety of plans that are tailored to their individual needs.To get a payment refund, contact the business or service provider directly to request a refund. If the refund cannot be issued, you may need to pursue alternative methods of resolving the dispute, such as filing a dispute with your credit card company or seeking legal counsel.Payments can be made over the phone using major credit cards, debit cards, and other digital payment methods.Mobile payment apps are a convenient and secure way to pay for goods and services without having to carry cash or use a physical card. They allow users to store payment information, such as credit/debit cards and bank accounts, within the app and make payments by simply entering their phone number or scanning a QR code.There are penalties for late or missed payments. The penalty amount may vary depending on the type of loan, the lender, and the borrower’s credit rating. In general, late payments may incur a late fee, additional interest charges, or both. Additionally, if payments are not made for an extended period of time, the lender may take further action, such as initiating collections or repossessing collateral.Prepaid debit cards can be used to make payments as long as the card is accepted at the store or online merchant. Additionally, many prepaid cards offer the ability to set up automatic payments for bills or other recurring payments.Wire transfers are a secure and reliable way for individuals and businesses to send and receive money around the globe. Wire transfers are available through most banks and can be arranged online or in person.

Question	Answer
Do they offer a monthly payment plan?	Yes
Can I make payments over the phone?	Yes
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

this lender does not offer loan forgiveness. They do offer loan consolidation, which allows individuals to combine multiple existing loans into a single loan. To qualify for loan forgiveness, most federal student loan forgiveness programs require borrowers to make 120 on-time, full payments before forgiveness is available. Other eligibility requirements may include enrollment in an income-driven repayment plan, working in a qualifying public service job, and sometimes even a loan consolidation.

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

How to Apply

You can apply for a loan online, in person, or using a mobile app. Many lenders offer online applications and allow you to track the progress of your loan online. To apply for a loan in person, visit a bank or other financial institution. You may need to provide personal information and documentation such as proof of identity and income. Some loans may require a cosigner, which is someone who agrees to take legal responsibility for repaying the loan if you default on your payments.

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?	Yes
Can I apply for a loan using a mobile app?	Yes
Can I apply for a loan with a cosigner?	Yes

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 ONESTOP AUTO 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