What does COMMUNICA CU mean on my credit report?

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

Updated January 1, 2023
Header image

What is COMMUNICA CU?

COMMUNICA CU is shorthand for Communication Federal Credit Union, with the company name being Communication Federal Credit Union Inc

COMMUNICA 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 Communication 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 account balance is $1200.

  • ⚫ The average high credit balance is $4800.

  • ⚫ The typical loan duration is 28 months.

  • ⚫ The average credit limit is $200.

  • ⚫ The average monthly repayment is $200.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured
  • ⚫ Auto Loan

How do I contact them?

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

Address:

  • 4141 NW Expressway, Suite 200 Oklahoma City, OK 73116-1675

Website:

Email:

Phone:

Payments

This person would like to know how to make a payment, if there is a monthly payment plan, how to get a refund, and if there are any penalties for late payments. They would also like to know if it is possible to make a payment using a mobile app or a prepaid debit card. Payments can be made online, over the phone, or with a wire transfer.

Question Answer
Do they offer a monthly payment plan? No
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

The website provides information on loan forgiveness and consolidation. 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

CFCU offers many options to apply for a loan including online, in person, and by using a mobile app. A cosigner can be used when applying for a loan. You can make payments using a debit or credit card by using the online payment center.

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? 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.

COMMUNICA 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 COMMUNICA 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.