What does CNAC/PA108 mean on my credit report?
Learn about CNAC/PA108, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is CNAC/PA108?
CNAC/PA108 is shorthand for CNAC, with the company name being CNAC Inc
CNAC/PA108 is a Creditor provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with CNAC.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
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⚫ The average account balance is $7400.
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⚫ The average high credit balance is $12300.
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⚫ The average monthly repayment is $300.
The account is classified under the following METRO2 categories:
- ⚫ Auto Loan
- ⚫ Collection Agency/Attorney
- ⚫ Auto
How do I contact them?
Here is the current contact details for CNAC:
Address:
- 12802 Hamilton Crossing Blvd. Carmel, IN 46032
Website:
Phone:
Payments
Customers can make payments in several different ways, such as by check, MoneyGram, online and electronic payments (ACH), cash or payment card. For more information, customers can contact CNAC at (888) 240-3595.
| 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
they do not offer loan forgiveness nor consolidation. It is not provided how to qualify for loan forgiveness.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
Customers can apply for a loan online with CNAC by submitting an application on their website. Payment processing methods include check, MoneyGram, online and electronic payments (ACH), cash or payment card, depending on the customer’s location. Customers should be aware of the APR and the down payment policy, as well as any overcharge policy. Information submitted online is kept private as outlined in the Legal/Privacy Policy.Customers can also apply for a loan using a mobile app. Loans may be applied for with a cosigner.
| 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? | 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.
How do I remove CNAC/PA108 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.