What does AERO FCU mean on my credit report?

Is AERO FCU making an impact on your credit score?

Updated January 1, 2023

What is AERO FCU?

AERO FCU is shorthand for AERO Federal Credit Union, with the company name being AERO Federal Credit Union

For more than fifty years, we have provided people with affordable and reliable financial services. We began operations in 1957 as the Sperry Phoenicians employees' credit union, later renamed the Honeywell Space Operations Center Federal Credit Union. Then in November 1999, we adopted the brand name Aero FCU.

AERO FCU is a Federal 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 AERO Federal 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 $2500.

  • ⚫ The average high credit balance is $31400.

  • ⚫ The typical loan duration is 56 months.

  • ⚫ The average monthly repayment is $300.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Auto

How do I contact them?

Here is the current contact details for AERO Federal Credit Union:

Address:

  • 3401 E. Air Lane Gate 1 Bldg. 122, Phoenix, AZ 85034, United States

Website:

Email:

Phone:

Payments

To make a payment, visit Aero Federal Credit Union’s website and use their online banking services. Alternatively, you can contact the credit union to learn more about their payment options. Online payments can be made through Aero Federal Credit Union’s online banking services. Checks and money orders are also accepted. AERO Federal Credit Union offers several overdraft coverage options to members in order to avoid penalties for late or missed payments.

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

Forgiveness and Cancellation

AERO Federal Credit Union offers loan consolidation and loan forgiveness. To qualify for loan forgiveness, you must meet the criteria of the specific loan program. For example, the Public Service Loan Forgiveness program requires that you make 120 qualifying monthly loan payments while working full-time for a qualified public service or non-profit employer. Other loan forgiveness programs may require you to meet other criteria.

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

How to Apply

Aero Federal Credit Union offers a range of loan options with competitive APR* and APY** rates that can be applied for online, in person, or using a mobile app. Some loans may require 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

IdentityIQ Report Example

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

AERO FCU 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 Federal 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 federal 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. The difference between a credit union and a federal is the fact that federal credit unions are federally insured.

How do I remove AERO FCU 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.