What is EXETER FIN?
EXETER FIN refers to Exeter Finance, an auto finance company and subprime auto lender known for its high interest rates and poor customer service. They primarily work with franchised dealerships to provide auto loans to customers with less-than-perfect credit.
Why EXETER FIN Might Appear on Your Credit Report
EXETER FIN could show up on your credit report as a hard inquiry or a collection account. This usually occurs when you apply for an auto loan through a franchised dealership. In 2019, Exeter Finance settled for over $6 million with attorneys general in Massachusetts and Delaware due to allegations of financing unfair, subprime auto loans.
Understanding Hard Inquiries and Their Impact on Your Credit
When you apply for new credit, such as an auto loan, mortgage, or credit card, lenders and creditors typically perform a credit check known as a hard inquiry. Hard inquiries can cause a slight drop in your credit score, but having multiple hard inquiries within a short period can do more significant damage to your credit score.
On the other hand, a soft inquiry occurs when a company checks your credit for background checks or prequalification purposes. Soft inquiries do not affect your credit scores and are not visible to other lenders.
How long do hard inquiries stay on your credit report?
A hard inquiry from Exeter Finance, like any other hard inquiry, will remain on your credit report for up to two years. These inquiries can be reported by any or all three of the major credit reporting agencies: Equifax, Experian, and TransUnion. During this time, potential lenders can view the hard inquiries as a record of your credit-seeking activity.
Dealing with Unauthorized Inquiries
If you find an inquiry from EXETER FIN on your credit report that you don’t recognize or believe is unauthorized, you should contact Exeter Finance to inquire about the reason for the inquiry. Their contact information should be listed under the hard inquiry section on your credit report.
Removing EXETER FIN from Your Credit Report with Professional Help
If you’re struggling with unauthorized inquiries or other inaccurate negative marks on your credit report, Credit Saint can help. They assist clients in disputing and potentially removing negative items from their credit reports, including late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Improve Your Credit with a Free Consultation
To explore your options and learn more about improving your credit situation, consider scheduling a free credit consultation with Credit Saint. Their team of experts can provide personalized advice and guide you through the credit repair process.
Visit their website, fill out the form, and take the first step towards a better credit score.
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Learn how credit repair professionals can assist you in disputing inaccuracies on your credit report.
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