What does BELLCO EMP mean on my credit report?

Is BELLCO EMP making an impact on your credit score?

Updated January 1, 2023
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What is BELLCO EMP?

BELLCO EMP is shorthand for Belco Community Credit Union, with the company name being Belco Community Credit Union

BELLCO EMP 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 Belco Community 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 $700.

  • ⚫ The average high credit balance is $600.

  • ⚫ The average credit limit is $2000.

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card
  • ⚫ Collection Agency/Attorney

How do I contact them?

Here is the current contact details for Belco Community Credit Union:

Address:

  • 5304 Carlisle Pike
    Mechanicsburg, PA 17050

Website:

Email:

Phone:

Payments

Belco Community Credit Union offers three types of mortgage loans: Conventional, FHA, and VA. Conventional loans require a strong credit history, stable employment history, minimal debt, and a down payment of at least 5-20%. FHA loans are ideal for those with a lower credit score and are purchasing their first home, as well as those who prefer a smaller down payment. VA loans are available to veterans and provide flexible, low-interest mortgages. You can make payments using a mobile app, online, or over the phone.

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? 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

Belco Community Credit Union offers loan forgiveness and consolidation services. To qualify for loan forgiveness, an individual must have a Conventional, FHA, or VA loan.

Question Answer
Do they offer loan forgiveness? Yes
Do they offer loan consolidation? Yes

How to Apply

Belco Community Credit Union offers three types of mortgage loans - Conventional, FHA, and VA - and you can apply for a loan online, over the phone, or in person. You can also 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? 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.

BELLCO EMP 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 BELLCO EMP 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.