What does BEACH MUNICIPAL FCU mean on my credit report?

Is BEACH MUNICIPAL FCU making an impact on your credit score?

Updated January 1, 2023
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What is BEACH MUNICIPAL FCU?

BEACH MUNICIPAL FCU is shorthand for Beach Municipal Federal Credit Union, with the company name being Beach Municipal Federal Credit Union

The “All about me” programme was created specifically for our eighteen to thirty-year-olds who are moving away from home for the first time, maybe because they’re leaving school or starting work, have just got engaged or are expecting their own birth.

BEACH MUNICIPAL 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 Beach Municipal 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 high credit balance is $6200.

  • ⚫ The typical loan duration is 32 months.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Unsecured

How do I contact them?

Here is the current contact details for Beach Municipal Federal Credit Union:

Address:

  • 4164 Virginia Beach Blvd, Virginia Beach, VA 23452, United States

Website:

Email:

Phone:

Payments

You can make a payment with Mobile Banking by going to the website on your phone’s web browser, navigating to Virtual Branch Home Banking, and logging in with your user name and password. There is no fee for this service, and it is secure. You cannot get a refund using Mobile Banking, but you can contact a Member Services Coordinator for assistance. You can also make payments over the phone or through a mobile app. There are no penalties for late or missed payments. You can make payments using a prepaid debit card or wire transfer.

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

they do not offer loan forgiveness or consolidation. It is unknown how to qualify for loan forgiveness.

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

How to Apply

Beach Municipal Federal Credit Union offers the option to apply for a loan online through their Mobile Banking service. You must have an Internet-enabled phone, PDA, or wireless device and a Virtual Branch Online Banking account to use the service. Mobile Banking is a no-fee service with secure encryption to protect your personal information. You cannot apply for a loan over the phone or in person. You can, however, apply for a loan using a mobile app or 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.

BEACH MUNICIPAL 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 BEACH MUNICIPAL 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.