What does CASH PLUS mean on my credit report?

Learn about CASH PLUS, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is CASH PLUS?

CASH PLUS is shorthand for Cashplus Bank, with the company name being Cashplus Bank Inc

If applicable, terms of use are met, including eligibility requirements such as age and residence status; applications may be approved provided that accounts remain eligible for special forms of financing from the American Public School Service (APS).

CASH PLUS is a Bank provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Cashplus Bank.

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

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

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Secured

How do I contact them?

Here is the current contact details for Cashplus Bank:

Address:

  • UK ADDRESS

Website:

Email:

Phone:

Payments

There are a few different ways to make a payment, including using a check or money order, or a mobile app. There is no monthly payment plan offered, and no penalties for late or missed payments. You can use a prepaid debit card to make a payment, but not a wire transfer.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
Can I make payments online? No
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? No

Forgiveness and Cancellation

Discover does not offer loan forgiveness or consolidation. Loan forgiveness cannot be qualified for.

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

How to Apply

You can apply for a loan online by logging into your Online Banking account or the Cashplus Bank app, navigating to the overdraft screen and following the steps to complete the application. You must be an eligible customer, by invitation, and opt in to receiving Cashplus marketing communications to be sent a credit offer.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? No
Can I apply for a loan with a cosigner? No

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

CASH PLUS 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 CASH PLUS 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.