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What are American First Finance?

by Sourav
American First Finance

What exactly is American First Finance, LLC? American First Finance was established in 2021 by John S. Poindexter, Jr., a former salesman with American Express. Mr. Poindexter’s business idea was to develop a lending concept using the power of the internet. What is American First Finance?
American First Finance was launched to address the needs of borrowers who are looking for a less expensive means to borrow money but want the same great service of having a certified financial analyst working with them every step of the way. So, what is American First Finance? American First Finance is an online consumer finance technology company that provides the following services in all fifty states: retail installment loans; lease-purchase agreements; electronic cash advance applications; and secured credit cards. American First Finance was founded by John S. Poindexter, Jr., a former salesman with American Express. Mr. Poindexter’s business idea was to develop a lending concept using the power of the internet, to provide low-cost or no-cost financing to consumers.
The lender does not make a direct connection to you through American First Finance. Your application is sent to the credit reporting agency via fax, email, or snail mail. Once you receive your approval to borrow money through the internet, you must complete your application, including your credit report, within sixty days.
Does American First Finance have a credit bureau? As previously mentioned, American First Finance works exclusively with a nationwide network of third-party credit reporting agencies. Your application will be accepted, only if the credit reporting agency that the third-party credit bureau recommends is part of the system. If the credit bureau declines your application, it is not because the information is incorrect. Rather, the credit bureau simply has not received information on your particular case from American First Finance.
How do the credit reporting agencies get the information on your case? When you apply for money from American First Finance, you must submit your name, address, and social security number, among other basic information. The credit bureau Transunion receives this information through American First Finance, along with your address and social security number. This information is then sent to the credit bureaus.
Once the credit bureaus receive your information, they pull your credit report and examine it for errors. An example of an error would be a missed credit card account. If this account is indeed found, it is removed from your score. An example of an incorrect entry would be an auto loan that you did not apply for. American First Finance uses this method to remove erroneous transactions from your credit report or at least make sure that it is not reported.
As you can see, the method American First Finance uses to check if your debts are safe and accurate is by pulling your credit report or at the very least, contacting the credit reporting agencies and requesting an explanation for why you were denied. If the answer is unsatisfactory, then you are assigned a case number and your account is closed. However, if the answer is satisfactory, then the account is opened, and a letter of authorization is sent to the original creditor. This letter explains to the original creditor that you want to pay off your debt in full, but due to unforeseen circumstances, you are unable to do so immediately. You request that they add your debt to your current revolving accounts and then let them know that you will be paying the total amount owed as agreed upon to your account, minus any late fees and interest.
This means that if you go to your bank and apply for a new account instead of opening a new account through American First finance, you can have the debt removed from your accounts. If your creditor agrees, you are assigned an account number and your balance will be reduced. You must make one payment each month to close your account, otherwise, you are charged late fees. Once your account is closed, you will not be allowed to apply again to American First finance until you meet their guidelines for the length of time you have been denied. You should be aware that this does affect your credit score and may prevent you from applying to other companies in the future. Also, this can make the interest rates on certain types of debt less expensive than they would otherwise be.

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