What does CFCU/SPECTRUM mean on my credit report?
Is CFCU/SPECTRUM making an impact on your credit score?
What is CFCU/SPECTRUM?
CFCU/SPECTRUM is shorthand for
Spectrum Credit Union, with the company name being
Spectrum Credit Union Inc
In 1973, it was founded as The Bank of Cochranes Ltd and became known as Bechtl’s Inc., then later Baxter Healthcare Corporation. It is now called Coopers & Lybrand LLP.
CFCU/SPECTRUM 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 Spectrum 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 Spectrum Credit Union:
- 500 12th Street, Suite 200, Oakland, CA 94607
There are many ways to make a payment, including online, over the phone, with a prepaid debit card, and more. Some payment methods may have discounts or penalties associated with them.
|Can I make a payment using a wire transfer?||No|
Forgiveness and Cancellation
they offer loan forgiveness and consolidation. To qualify for loan forgiveness, you must make 120 qualifying payments while employed full-time by a qualifying employer.
|Do they offer loan consolidation?||Yes|
How to Apply
You can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. You may be able to apply for a loan with a cosigner.
|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?||Yes|
|Can I apply for a loan using a mobile app?||No|
|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.
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 CFCU/SPECTRUM 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.