What does CREDIT UNION OF TEXAS mean on my credit report?

Is CREDIT UNION OF TEXAS making an impact on your credit score?

Updated January 1, 2023
Header image

What is CREDIT UNION OF TEXAS?

CREDIT UNION OF TEXAS is shorthand for Credit Union of Texas, with the company name being Credit Union of Texas Inc

The experience is more valuable than its literal translation because “experience” has a richer connotation when used as an adjective instead of a noun.

CREDIT UNION OF TEXAS 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 Credit Union of Texas.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Collection Agency/Attorney
  • ⚫ Credit Card

How do I contact them?

Here is the current contact details for Credit Union of Texas:

Address:

  • 900 W Bethany Dr Ste 100 Allen, TX 75013

Website:

Email:

Phone:

Payments

Credit Union of Texas offers monthly payment plans for auto loans and personal loans. Payments can be made over the phone, online, or using a mobile app. There are no penalties for late or missed payments.

Question Answer
Do they offer a monthly payment plan? 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

Loan forgiveness and consolidation are both offered by the website. To qualify for loan forgiveness, certain criteria must be met.

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

How to Apply

You can apply for a loan online, over the phone, or in person. Applying for a loan with a cosigner is also an option.

Question Answer
Can I apply for a loan online? Yes
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

SmartCredit Report Example

  • This is an example of what this creditor will look like on your SmartCredit report.

CREDIT UNION OF TEXAS SmartCredit 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 CREDIT UNION OF TEXAS 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.