What does CARFCU mean on my credit report?

Is CARFCU making an impact on your credit score?

Updated January 1, 2023
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What is CARFCU?

CARFCU is shorthand for Capital Area REALTORS Federal Credit Union, with the company name being Capital Area REALTORS Federal Credit Union Inc

The credit union of Realtors serving realtors has been celebrating fifty years of business since capital area realtors federal credit union began operations created by realtors for realtors.

CARFCU 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 Capital Area REALTORS Federal Credit Union.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for Capital Area REALTORS Federal Credit Union:

Address:

  • 107 W Edmonston Dr #1345, Rockville, MD 20852, United States

Website:

Email:

Phone:

Payments

CARFCU offers a variety of products and services including banking, mortgages, auto loans, personal loans, investments, and payroll protection program (PPP). They offer competitive rates and excellent service for their members. You can make payments using a mobile app from Capital Area REALTORS® Federal Credit Union. Wire transfers are also an option for payment.

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 loan consolidation. Qualification for loan forgiveness depends on a variety of factors and is determined on a case-by-case basis. It is best to contact a representative for more information about qualifying for loan forgiveness.

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

How to Apply

You can apply for a loan online through Capital Area Realtors® Federal Credit Union, including mortgages, home equity lines of credit, home renovation loans, fix & flip loans, new & used auto loans, and the Paycheck Protection Program Loan (PPP). You cannot apply for a loan over a phone call or in person. The Credit Union offers a variety of loan products including mortgages, home equity lines of credit, auto loans, and personal loans. Members may apply 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.

CARFCU 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 CARFCU 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.