What does COSDEN FCU mean on my credit report?
Learn about COSDEN FCU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is COSDEN FCU?
COSDEN FCU is shorthand for
Cosden Federal Credit Union, with the company name being
Cosden Federal Credit Union Inc
Cosden Federal Credit Union is a non-profit cooperative financial institution. When you join the credit union, you become a member-or owner-of a very unusual financial institution. Earning reserves beyond the minimum requirements are returned to you, in the form of lower interest rates on loans and competitive dividends on deposits.
COSDEN FCU 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 Cosden Federal 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 Cosden Federal Credit Union:
- 400 E Marcy Dr, Big Spring, TX 79720, United States
There are many ways to make a payment, including online, over the phone, or using a mobile app. You can also make a payment using a prepaid debit card, wire transfer, or check. If you choose to do an automatic payment, there is usually a discount. If you are late on a payment or miss a payment, there may be penalties.
|Do they offer a monthly payment plan?||No|
|Can I make payments over the phone?||No|
|Can I make payments online?||Yes|
|Can I make a payment using a mobile app?||Yes|
|Can I make a payment using a prepaid debit card?||No|
|Can I make a payment using a wire transfer?||Yes|
Forgiveness and Cancellation
there are two types of loan forgiveness- Public Service Loan Forgiveness and Perkins Loan cancellation. You may also consolidate your loans to make them more manageable. To qualify for Public Service Loan Forgiveness, you must work for a qualifying employer and make 120 qualifying payments. To qualify for Perkins Loan cancellation, you must work in a qualifying field and make 120 qualifying payments. Loan consolidation allows you to combine your federal student loans into a single loan with a single monthly payment. You may be able to lower your monthly payment or shorten your repayment term.
|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. In some cases, you may need 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?||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 COSDEN FCU 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.