What does ABOUND CU mean on my credit report?

Is ABOUND CU making an impact on your credit score?

Updated January 1, 2023

What is ABOUND CU?

ABOUND CU is shorthand for Abound Credit Union, with the company name being Abound Credit Union

Created possibilities; we help hard-working families from all over Kentucky to make more possible things.

ABOUND CU 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 Abound 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 average account balance is $4700.

  • ⚫ The average high credit balance is $11800.

  • ⚫ The typical loan duration is 30 months.

  • ⚫ The average credit limit is $3500.

  • ⚫ The average monthly repayment is $300.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan

How do I contact them?

Here is the current contact details for Abound Credit Union:

Address:

  • Bardstown Branch
    100 Kelly Dr.
    Bardstown, KY 40004

Website:

Email:

Phone:

Payments

To make a payment, one can use Abound CU’s free checking that can get you paid up to 2 days early. The mobile app is also available 24/7 to help access money fast, easy, and free with features such as Face and Touch ID login, check deposits without leaving home, and more. Abound offers a monthly payment plan for their loans. They also offer other features such as Face & Touch ID login, card controls, digital wallet, simple external transfers, bill pay, alerts, and more. To get a payment refund, contact a customer service representative from Abound CU. They can help you with the process and provide further information. Abound CU’s enhanced Online and Mobile Banking app allows users to make payments over the phone, as well as deposit checks, pay loans, send money, and manage alerts. Additionally, users can lock and unlock their credit card and set travel notices, connect other external bank accounts to transfer money, pay bills, and access customizable near real-time alerts. A fee of $31.00 will be applied to each stop payment. you can make payments online through Abound CU. They offer free checking that allows users to get paid up to 2 days early, a mobile app with Face and Touch ID login, deposit your checks from home, lock and unlock your credit card and set travel notices. They also provide financial education. Abound CU offers the ability to pay loans easily and set up recurring and one-time payments. In addition, customers can also lock and unlock their credit cards, set travel notices and more. A fee of $31.00 will be applied to each stop payment. It is possible to make a payment using a prepaid debit card. Abound CU provides services such as getting paid up to 2 days early, skipping a payment, earning cash back on Amazon.com and gas purchases, and a 4.15% APY* 13-Month Certificate. Additionally, they offer a mobile app with Face and Touch ID login, deposit checks, and more. you can make a payment using a wire transfer. Abound CU offers a mobile app with Face and Touch ID login, allowing users to deposit checks without leaving home and to set travel notices. Additionally, Abound CU provides financial education in schools to help prepare children for their first financial footsteps as adults.

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 wire transfer? Yes

Forgiveness and Cancellation

Abound offers loan forgiveness and consolidation to help users manage their finances. To qualify for loan forgiveness, requirements such as making regular payments on time and staying within an income threshold must be met. Abound Credit Union also offers several services that can help individuals manage their finances and obtain financial education.

Question Answer
Do they offer loan consolidation? Yes

How to Apply

Abound Credit Union offers a variety of services to help their members, including loans. You can apply for a loan online, over the phone, or in person. You can also use their mobile app to apply for a loan. If you need a cosigner, they can help you with that too.

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.

ABOUND CU 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 ABOUND CU 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.