What does AMPLIFY CU mean on my credit report?

Is AMPLIFY CU making an impact on your credit score?

Updated January 1, 2023

What is AMPLIFY CU?

AMPLIFY CU is shorthand for Amplify Credit Union INC, with the company name being Amplify Credit Union INC

Amplify Credit Union is owned and operated by its members. Anyone who resides, works, or attends school in Texas is eligible to join the credit union and maintains his/her membership, regardless of wherever he/she goes. Most popular: Routing Number: 315088191

AMPLIFY 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 Amplify Credit Union INC.

  • ⚫ 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 $33900.

  • ⚫ The average high credit balance is $58300.

  • ⚫ The typical loan duration is 64 months.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan

How do I contact them?

Here is the current contact details for Amplify Credit Union INC:

Address:

  • 115 Sundance Pkwy #500, Round Rock, TX 78681

Website:

Email:

Phone:

Payments

Amplify Credit Union offers a variety of payment options, including online and mobile banking, phone payment, direct deposit, check, money order, and prepaid debit card. Loan payments and transferring money between accounts is available with all payment options. There are 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
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

Amplify Credit Union does not offer loan forgiveness. However, they do offer loan consolidation and loan payment services. To learn more about membership eligibility, overdraft protection, and how to access online and mobile banking services, members can contact Amplify Customer Support.

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

How to Apply

Amplify Credit Union offers online loan applications, as well as online banking for desktop and mobile devices. Additionally, they provide auto, home and personal loan management, as well as debit and credit card management. You may not apply for a loan over a phone call or in person, but you may 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? No
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.

AMPLIFY 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 AMPLIFY 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.