What does COMM SO CU mean on my credit report?

Learn about COMM SO CU, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is COMM SO CU?

COMM SO CU is shorthand for Service One Credit Union, with the company name being Service One Credit Union Inc

Voted best credit union! And we began here in Bowling Green, Kentucky – not a member? We would love for you to join us. The board of directors were elected by members at the annual shareholders meeting and serve voluntarily and determine

COMM SO CU 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 Service One 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 $5600.

  • ⚫ The typical loan duration is 36 months.

The account is classified under the following METRO2 categories:

  • ⚫ Collection Agency/Attorney
  • ⚫ Unsecured

How do I contact them?

Here is the current contact details for Service One Credit Union:

Address:

  • 1609 Campbell Lane Bowling Green, KY 42104

Website:

Email:

Phone:

Payments

To make a payment, you can go online to the company or vendor’s website and enter the payment information. You can also visit a local store or bank. You cannot make payments over the phone. SOCU offers a monthly payment plan and a discount for automatic payments. The only payment options are digital, such as enrolling in the new online banking and mobile app, and Remote Deposit Capture (RDC). There are penalties for late or missed payments, which can include additional fees, higher interest rates, and possible repossession of the vehicle.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? No
Can I make payments online? Yes
Do they offer a discount for automatic payments? Yes
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

The website offers loan forgiveness and consolidation. To qualify for loan forgiveness, you must make 120 payments. You can consolidate your loans through the website.

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

How to Apply

You can apply for a loan in person, over the phone, or online. Some loans may require 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.

COMM SO 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 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 COMM SO 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.