What does CME FED CU mean on my credit report?
Learn about CME FED CU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is CME FED CU?
CME FED CU is shorthand for CME Federal Credit Union, with the company name being CME Federal Credit Union Inc
A long time ago, when credit unions were founded in Poland, fire fighters and police officers joined them. A lot has changed over the years; but our dedication to the financial future of our members is just as strong as the day we first opened our doors.
CME FED CU 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 CME 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 account balance is $400.
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⚫ The average high credit balance is $5500.
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⚫ The average monthly repayment is $100.
The account is classified under the following METRO2 categories:
- ⚫ Auto Loan
- ⚫ Credit Card
- ⚫ Unsecured
How do I contact them?
Here is the current contact details for CME Federal Credit Union:
Address:
- 4545 N High St, Columbus, OH 43214, United States
Website:
Email:
Phone:
Payments
You can make a payment by logging into your CME Federal Credit Union dashboard and paying the minimum monthly payment due. You can make early or additional payments at any time. Late payments may result in a fee and negative credit reporting, so contact CME Federal Credit Union immediately if you think you are going to be late on any payment. There is no prepayment fee or penalty for making payments over the phone. You can make payments online through your CME Federal Credit Union dashboard. Payments cannot be changed and there is no discount for automatic payments, but you can make a payment using a mobile app or a prepaid debit card. There is no penalty for late or missed payments, though CME Federal Credit Union may assess a late fee after the 10-day grace period. You cannot make a payment using a wire transfer.
| 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? | Yes |
| Can I make a payment using a wire transfer? | No |
Forgiveness and Cancellation
Loan forgiveness and consolidation are both available through the website. To qualify for loan forgiveness, certain requirements must be met.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
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 need a cosigner for some types of loans.
| 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.
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 CME 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.
