What does GM FINANCIAL mean on my credit report?

Is GM FINANCIAL making an impact on your credit score?

Updated January 1, 2023
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What is GM FINANCIAL?

GM FINANCIAL is shorthand for General Motors Financial Company Inc, with the company name being General Motors Financial Company Inc Inc

On 1st October 2010, AmeriCredit Corporation was sold to the General Motors Company and renamed The General Motors Financial Company, Inc.(GMFC) By January 2011, it had acquired FinanciaLinq to serve as an advisor on automotive financing for General Motors Dealerships and Customers across Canada.

GM FINANCIAL 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 General Motors Financial Company Inc.

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

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

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Collection Agency/Attorney
  • ⚫ Lease
  • ⚫ Auto Lease
  • ⚫ Auto

How do I contact them?

Here is the current contact details for General Motors Financial Company Inc:

Address:

  • 801 Cherry Street, Ste. 3500

Fort Worth, TX 76102

Website:

Email:

Phone:

Payments

Customers can make payments by credit card, debit card, electronic funds transfer, check, cash, or wire transfer. Monthly payment plans are available, and refunds can be requested by contacting the merchant or payment provider. Discounts are not offered for automatic payments.

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

both loan consolidation and loan forgiveness are available through the website. To qualify for loan forgiveness, you must have made 120 qualifying payments on your Direct Loans after October 1, 2007, and you must be employed full-time by a qualifying employer.

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

How to Apply

You can apply for a loan in person, online, or over the phone. Some loans may require 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? 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.

GM FINANCIAL 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 GM FINANCIAL 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.