What does CARIB FED CU mean on my credit report?

Is CARIB FED CU making an impact on your credit score?

Updated January 1, 2023

What is CARIB FED CU?

CARIB FED CU is shorthand for Caribe Federal Credit Union, with the company name being Caribe Federal Credit Union Inc

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CARIB FED CU 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 Caribe 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 $1100.

  • ⚫ The typical loan duration is 16 months.

  • ⚫ The average credit limit is $200.

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card
  • ⚫ Unsecured

How do I contact them?

Here is the current contact details for Caribe Federal Credit Union:

Address:

  • Avenida Las Cumbres PR 199 Esquina Camino Alejandrino Carretera 838 Guaynabo, PR 00969

Website:

Email:

Phone:

Payments

You can make a payment by providing the Caribe Federal Credit Union’s Routing Number, which is 221581696. You can also visit their location, call them at 787-474-5151, or contact them online for more information. Caribe Federal Credit Union offers a loan application process and their members can benefit from competitive rates. They also provide wire transfers, direct deposit, and shared branching services. To get a payment refund you need to contact the Caribe Federal Credit Union directly. You can reach them by phone at 787-474-5151 or visit the Main Office at 195 O’Neill 00918 San Juan, Puerto Rico. Caribe Federal Credit Union offers members the ability to make payments over the phone. They can be contacted at +1 787-474-5151. Payments can also be made online. Caribe Federal Credit Union does not offer a discount for automatic payments, but other payment options such as using a check or money order are available. Caribe Federal Credit Union also offers mobile payment options. Late or missed payments are not penalized by Caribe Federal Credit Union. Payments can also be made using a prepaid debit card. Caribe Federal Credit Union offers wire transfers as a service.

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

Caribe Federal Credit Union does not offer loan forgiveness. Caribe Federal Credit Union offers loan consolidation. To qualify for loan forgiveness, you must be a member of Caribe Federal Credit Union. You can become a member without being a federal employee and the savings are federally insured to at least $250,000 by NCUA and backed by the full faith and credit of the United States government.

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

How to Apply

You can apply for a loan online, over the phone, or in person at Caribe Federal Credit Union. You can also apply for a loan using a mobile app. If you need a cosigner, Caribe Federal Credit Union can help you with that as well. The main office is located in San Juan, Puerto Rico. You can also join Caribe Federal Credit Union if you are not a federal employee.

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.

CARIB FED 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 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 CARIB FED 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.