Exeter Finance Corporation on Your Credit Report? Fight Back and Win

Last Updated:
April 17, 2023

Did you recently check your credit reports with one or more of the three bureaus only to find negative information from Exeter Financial Corporation? If so, you're probably wondering why this information is there and how you can get rid of it, especially if there's been a mistake.

You might also be getting calls from someone who says they're from Exeter Financial Corporation.

In any of these scenarios, there are things you can do to stop this company from contacting you or ruining your credit score.

What Does the Exeter Company Do?

The Exeter Financial Corporation is an auto financing company. Exeter provides loan packages to car dealerships primarily. Dealers can then work with Exeter Financial Corporation, Credit Acceptance Corporation, or similar companies, to offer loans to their customers. More of their customers can finance cars, increasing the dealer's profit. The company offers financing solutions for customers with credit that wouldn't otherwise be approved for a car loan.

According to the Exeter Financial Corporation, they approve up to 85% of consumers with a FICO score of at least 575.

Is Exeter Financial Corporation Legitimate?

This company isn't a scam, and they are legitimate; however, there are numerous consumer complaints against them. Many people report feeling as if this company takes advantage of people with bad credit or who aren't familiar with the process of buying a car. The interest rates are often very high, and the debt collection practices used by the company can feel like harassment to consumers. 

There are also quite a few reports from consumers who say the company is trying to collect payments for vehicles that aren't theirs.

Why Is Exeter Financial Corporation Calling Me?

There are different scenarios where you might get calls from Exeter Financial Corporation. In one scenario, you owe a debt, and they are contacting you about it. Exeter Financial Corporation isn't exclusively a debt collection agency, but they try to collect when a customer isn't making payments on an auto loan.

Another situation is that you might have a family member with a loan through Exeter, and they're calling you to try and contact them.

The third situation can be the most frustrating for a consumer. There may be a mistake. Your name or credit information could be mixed up with someone else's. It might even be that you share a similar Social Security number, and the Exeter Financial Corporation is wrongly trying to contact you to collect a debt that's not yours.

Frequent mistakes can occur in billing and credit reporting, but there's also fraud and identity theft. Consumers are told to check their credit reports with the three bureaus on a regular basis for errors or signs of identity theft. If you start getting unexpected calls from Exeter Financial Corporation and know you don't have an auto loan through this company, it's a red flag of identity theft. 

You need to work with an attorney to pursue it further to avoid significant financial damage.

How To Get Exeter Financial Corporation Off Your Credit Report

If Exeter Financial Corporation is contacting you about a debt that is legitimately yours, you may have to work out a payment arrangement with them. If they've already reported negative information to one or more credit bureaus, it will take around seven years for this information to leave your report. Before speaking to a debt collector, even if you think you owe them money, it’s a good idea to talk to a consumer protection attorney. 

Your credit score and ability to get new credit will be affected during this time. The impact of negative information on your score goes down as the debt ages, even while it's still listed.

If you don't believe you owe the debt, a consumer protection attorney can also dispute it on your behalf. 

Under the Fair Credit Reporting Act, companies must provide you or your legal representative with details of a debt they're trying to collect. Filing a dispute is another federal right consumers have when it comes to debt and collections agencies.

Exeter Financial Corporation should begin an investigation when they receive your dispute letter. They have 30 days from the time they receive the dispute notice to complete their investigation, and then they have to report the findings. 

If the company agrees the debt isn't yours to pay or there's been a mistake, they should stop calling you. The debt should be removed from your credit as well.

Avoiding Harassment

You still have rights if you legitimately owe a debt to Exeter Financial Corporation. The Fair Debt Collection Practices Act limits the behavior of debt collectors. Debt collectors can't use threats or harassment and can't be deceptive or try to inconvenience you on purpose.

There are certain limits on the time of day a debt collector can try to reach you and how frequently they can call you or contact you in a seven-day period. For example, a collector can’t contact you before 8 in the morning and after 9 at night. 

You've Filed a Dispute But Are Still Dealing with Exeter—Now What?

While federal law outlines your rights and the steps required to dispute incorrect debts, that doesn't always mean companies are compliant, especially if you try to handle the situation on your own. You could find that Exeter Financial Corporation isn't responding to your dispute, or they haven't done an investigation. There are also many times when the company itself might agree with a dispute, but still, they don't remove the information. These are all reasons it’s critical to contact an FCRA attorney as soon as you can. 

The longer wrong information sits on your credit history, the more your life is impacted.

It's frustrating, but an FCRA attorney can help. FCRA attorneys work to let debt collectors and financial companies know that consumers are serious about protecting their rights. Unfortunately, it can take this next step to get these companies to comply with the law.

Fair Credit Can Help

If you're feeling stuck as you deal with Exeter Financial Corporation, Fair Credit can help. We are FCRA attorneys, and we protect the rights of consumers. Get in touch today for a free case review to explore how you can move forward without the cloud of Exeter Financial Corporation affecting your day-to-day life.

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