What does CAROFIN mean on my credit report?

Is CAROFIN making an impact on your credit score?

Updated January 1, 2023
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What is CAROFIN?

CAROFIN is shorthand for Carolina Financial Securities LLC, with the company name being Carolina Financial Securities LLC Inc

Over time, the practice known as carofin has become more sophisticated than its original iteration CFS developed it over decades. Today we invite our clients, old and new, to financially support worthy companies through their charitable foundation.

CAROFIN is a Creditor provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Carolina Financial Securities LLC.

  • ⚫ 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 Carolina Financial Securities LLC:

Address:

  • 100 Elks Club Rd., Brevard, NC. 28712

Website:

Email:

Phone:

Payments

You can make payments online for private investments, using a mobile app or wire transfer. There are no other payment options, such as using a check or money order. Prepaid debit cards cannot usually be used for investments or private placements. Late or missed payments may result in financial penalties.

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? No
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

Carofin does not offer loan forgiveness or consolidation. Different scenarios may qualify for loan forgiveness under different circumstances. More information can be found in the Carofin Knowledge Base.

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

How to Apply

There are several ways to apply for a loan. You can apply for a loan online, over the phone, or in person. Applying for a loan using a mobile app is not an option. Some lenders may allow you to apply for a loan with a cosigner if you do not meet their qualifications.

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.

CAROFIN 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.

How do I remove CAROFIN 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.