What does 1ST FREEDM mean on my credit report?

Is 1ST FREEDM making an impact on your credit score?

Updated January 1, 2023
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What is 1ST FREEDM?

1ST FREEDM is shorthand for Five Star Credit Union, with the company name being Five Star Credit Union LLC

5 Star Credit Union is a non-profit financial institution serving 54,000 members in eighteen counties across Alabama and Georgia. Counties included in Alabama are Barbour, Coffee, Dale, Geneva, Henry, Houston, Pike, and Russell. In Georgia, the counties belong to us: Seminole, Stewart, Webster and Quitman.

1ST FREEDM is a Credit Union provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Five Star Credit Union.

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

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

How do I contact them?

Here is the current contact details for Five Star Credit Union:

Address:

  • Bainbridge Branch, 1027 E. Shotwell St, Bainbridge, GA 39819
  • Blakely Branch, 11189 Columbia Street, Blakely, GA 39823

Website:

Email:

Phone:

Payments

Five Star Credit Union offers many options for making payments, including online, mobile, phone, in-person, and checks/money orders. There are some penalties for late or missed payments. All deposits are guaranteed by the NCUA up to $250,000.

Question Answer
Do they offer a monthly payment plan? No
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? Yes

How to Apply

You can apply for a loan from Five Star Credit Union online, over the phone, or in person. They also offer mobile banking and loan applications. All deposits are guaranteed by the NCUA up to $250,000 and the website offers a variety of loans that fit your lifestyle.

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
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

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

1ST FREEDM 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 Credit Union

A credit union is similar to a bank, however it is owned collectively by the members and does not operate on a for-profit basis. Many credit unions are able to provision credit and issue credit cards, which may report on your credit report. Due to the none-profit nature of credit unions they are generally more trusted by the public, as they are less likely to act in a malicious fashion. However, credit unions can still make mistakes with reporting on your credit report therefore being aware of what is being reported, and take action against any unfair reporting.

How do I remove 1ST FREEDM 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.