What does BP-PERSUN mean on my credit report?
Learn about BP-PERSUN, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is BP-PERSUN?
BP-PERSUN is shorthand for BP Federal Credit Union, with the company name being BP Federal Credit Union Inc
BP FedCredit Union is a not-for profit financial co-operative that serves BP Employees and their contractors worldwide. It was founded in 1937 by British Petroleum staff and has over 3000 members.
BP-PERSUN is a Federal Credit Union provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with BP Federal Credit Union.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
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⚫ The average high credit balance is $3300.
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⚫ The typical loan duration is 44 months.
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
How do I contact them?
Here is the current contact details for BP Federal Credit Union:
Address:
- P.O. Box 941749, Houston, TX 77094-8749
Website:
Email:
Phone:
Payments
Credit Sense is a free service that allows users to make payments online. Credit Sense powered by SavvyMoney is available on BPFCU’s Online Banking which provides access to your latest credit score, full credit report, credit monitoring alerts, ways to improve your credit score, and ways to save money on new and existing loans. Credit Sense is free and updates your score once a month. No credit card information is required to register and it can go inactive if it hasn’t been used in 120 days. Wire transfers are also offered as a payment option.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | No |
| 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? | No |
| Can I make a payment using a wire transfer? | Yes |
Forgiveness and Cancellation
they do not offer loan forgiveness or consolidation. You cannot qualify for loan forgiveness by monitoring personal information like financial/billing statements, credit reports, and free annual credit reports.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
BP Federal Credit Union offers Credit Sense, a free online service that allows you to apply for loans and access credit score and report information. You cannot apply for a loan over a phone call or in person. Credit Sense is a comprehensive credit score program offered by Island that helps you stay on top of your credit. You get your latest credit score and report, an understanding of key factors that impact the score, and can see the most up to date offers that can help reduce your interest costs. Credit Sense is entirely free and no credit card information is required to register. BPFCU does not list any information regarding applying 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? | No |
| Can I apply for a loan with a cosigner? | No |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your 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 BP-PERSUN 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.
