What does NEWTON FEDERAL BANK mean on my credit report?
Learn about NEWTON FEDERAL BANK, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.
What is NEWTON FEDERAL BANK?
NEWTON FEDERAL BANK is shorthand for Newton Federal Bank, with the company name being Newton Federal Bank Inc
About Newton Federal Bank Since 1928, Newton Federal Bank has been serving customers in our community. You can always rely on us to offer the personal services and products that you need —and we guarantee that we will not be sold to one of those large banks. Visit any branch office and we’ll help switch to Newton Federal Bank easily.
NEWTON FEDERAL BANK 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 Newton Federal 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.
How do I contact them?
Here is the current contact details for Newton Federal Bank:
Address:
- 3175 Hwy 278 Covington, GA 30014
Website:
Phone:
Payments
Payments can be made in various ways including credit card, PayPal, wire transfer, and money order. A monthly payment plan is available, and refunds can be requested for payments. There are penalties for late or missed payments. Prepaid debit cards and mobile payment apps are other payment options.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| 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? | Yes |
Forgiveness and Cancellation
The company offers loan consolidation but does not offer loan forgiveness. To qualify for loan forgiveness, you must be employed in a specific public service job, have made payments on your loan for 10 years or more, and have made 120 payments consecutively. You must also be making payments under an income-driven repayment plan and not be in default.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
It is possible to apply for a loan online, over the phone, or in person. Many financial institutions offer mobile apps for quick and easy loan applications. It is also possible to apply for a loan with a cosigner.
| 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? | Yes |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit 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 NEWTON FEDERAL BANK 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.