What does 1ST ELEC BNK mean on my credit report?
Learn about 1ST ELEC BNK, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.
What is 1ST ELEC BNK?
1ST ELEC BNK is shorthand for First Electronic Bank, with the company name being First Electronic Bank LLC
First Electronic Bank is an insured financial institution chartered by the State of Utah and based in Salt Lake City, Utah.
1ST ELEC BNK is a Bank provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with First Electronic Bank.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for First Electronic Bank:
Address:
- First Electronic Bank is headquartered in Salt Lake City, Utah.
Website:
Email:
Phone:
Payments
First Electronic Bank offers a variety of payment options, including debit, credit, and prepaid cards, as well as payment plans. To make a payment, customers can contact the bank directly or visit their website. First Electronic Bank also offers a mobile app for digital payment services. There are no specific details regarding penalties for late or missed payments, but customers should refer to the Cardholder Agreements and other relevant documents for more information.
| 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? | No |
How to Apply
You can apply for a loan online, over the phone, or in person at First Electronic Bank. They offer a range of financial services, including card sponsorship programs, co-branded programs, private label programs, debit, credit, and pre-paid programs, consumer and commercial programs, and Visa®, Mastercard® issuances.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | Yes |
| Can I apply for a loan in person? | Yes |
| Can I apply for a loan using a mobile app? | Yes |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your 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 Bank
A bank is an institution where money is kept for saving or commercial purposes. They are able to offer Loans and Mortgages which means they have the ability to report on your credit. Banks are generally felt as untrustworthy (30% confidence rating in the USA) by the general public. Banks can make mistakes on your credit report which may lower your credit score, potentially damaging your credit report and costing you money.
How do I remove 1ST ELEC BNK 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.
