What does AARON RENTS mean on my credit report?

Is AARON RENTS making an impact on your credit score?

Updated January 1, 2023
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What is AARON RENTS?

AARON RENTS is shorthand for AAEC Credit Union, with the company name being AAEC Credit Union Inc

AARON RENTS 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 AAEC Credit Union.

  • ⚫ 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:

  • ⚫ Lease

How do I contact them?

Here is the current contact details for AAEC Credit Union:

Address:

  • 1104 S Arlington Heights Rd, Arlington Heights, IL 60005, United States

Website:

Phone:

Payments

Making a payment is easy! All you need to do is provide your payment details, such as your bank account information, credit/debit card information, or PayPal account. You can also set up automatic payments for recurring bills.To receive a payment refund, contact the company or person who processed the initial payment. Provide them with your order number or other corresponding information. If the refund is not processed, contact your credit card or bank to dispute the charge.Many services offer phone payment options, allowing you to pay using your credit or debit card. Online payments are also becoming increasingly popular and many businesses now offer the option to make payments online.Customers who set up automatic payments can receive a 5% discount on their bill. Check or money orders are also accepted in addition to credit and debit cards.Penalties may be assessed for late or missed payments, including late fees, collection fees, legal fees, and/or additional interest. If a payment remains delinquent for a prolonged period of time, the creditor may even take legal action.Prepaid debit cards are a payment method that work like regular debit cards and can be used to pay for goods and services. Wire transfers are also a secure way to send money from one bank to another.

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? 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

Forgiveness and Cancellation

The company offers loan consolidation services. They specialize in helping customers consolidate multiple loans into a single, more manageable loan with lower monthly payments and customized terms. Loan forgiveness is available for certain types of loans under certain circumstances. To qualify, borrowers must meet certain criteria, including making a certain number of on-time payments and meeting other requirements set by their loan servicer. There may also be other requirements depending on the type of loan and the borrower’s situation. Some loan forgiveness programs may require borrowers to also meet income requirements or to take additional steps, such as working in a specific field or for a certain employer.

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

How to Apply

You can apply for a loan in person, over the phone, or online. Many banks, financial institutions, and loan providers offer online applications. Applying for a loan with a cosigner can help you get approved for a loan when you might not be able to secure one on your own.

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.

AARON RENTS 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 AARON RENTS 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.