What does CARRINGTON MORTGAGE SE mean on my credit report?

Is CARRINGTON MORTGAGE SE making an impact on your credit score?

Updated January 1, 2023
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What is CARRINGTON MORTGAGE SE?

CARRINGTON MORTGAGE SE is shorthand for Carolina Finance LLC, with the company name being Carolina Finance LLC Inc

CF is proud to provide stability, prosperity and mobility for veterans through its philanthropic arm, the Carrington House project. Visit carringtonhouse.org to learn more about their giving back to the veteran community.

CARRINGTON MORTGAGE SE is a Mortgage Provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Carolina Finance LLC.

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

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

About the account

  • ⚫ The average account balance is $169400.

  • ⚫ The average high credit balance is $157000.

  • ⚫ The average monthly repayment is $1400.

How do I contact them?

Here is the current contact details for Carolina Finance LLC:

Address:

  • 250 Berryhill Rd Suite 220, Columbia, SC 29210

Website:

Phone:

Payments

payments can be made after the loan has transferred to Carrington Mortgage Services, LLC and no late fees will be charged for 60 days after the transfer effective date. Payments can be made by visiting the User Registration page and confirming identity with a loan number and Social Security number. You can also make payments over the phone, by mail, or through your bank’s automated system. There are other payment options such as using a check or money order. You can make a payment using a mobile app. Late or missed payments do not incur any penalties if the payment is made within 60 days of the transfer effective date. You can make a payment using a prepaid debit card. Wire transfers are also an option for making 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
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 or consolidation. To qualify for loan forgiveness, payments must be made on time and in full for the period of time outlined in the original loan agreement. Additionally, when the loan transfers, an escrow analysis must be completed to ensure the escrow account has sufficient funds and any property tax exemptions must be renewed or reapplied.

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

How to Apply

It is possible to apply for a loan online, in person, and using a mobile app. Applying for a loan with a cosigner is also an option. When transferring a loan to Carrington, there are a few things to keep in mind such as no late fees for sixty days and that property tax exemptions will transfer.

Question Answer
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.

CARRINGTON MORTGAGE SE 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 Mortgage Provider?

A mortgage provider is a financial institution or mortgage bank that offers and underwrites home loans. Lenders have specific borrowing guidelines to verify your creditworthiness and ability to repay a loan. They set the terms, interest rate, repayment schedule and other key aspects of your mortgage. They have the ability to report on your credit profile which will affect your credit score. They also can run hard and soft inquiries which will impact your credit score if not delt with. Mortgage Providers are not perfect and can still make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.

How do I remove CARRINGTON MORTGAGE SE 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.