What does EATON FAM CU mean on my credit report?
Learn about EATON FAM CU, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is EATON FAM CU?
EATON FAM CU is shorthand for Eaton Family Credit Union, with the company name being Eaton Family Credit Union Inc
The Eaton family credit union, a member owned non-profit financial co-operative, was founded in 1937. We have served members who live, work, worship or attend school in Lake County, Ohio, as well as employees of Eaton Corporation.
EATON FAM CU is a 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 Eaton Family 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 $1400.
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⚫ The average high credit balance is $2500.
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⚫ The typical loan duration is 20 months.
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⚫ The average monthly repayment is $100.
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Eaton Family Credit Union:
Address:
- 28954 Chardon Rd, Willoughby Hills, OH 44092, United States
Website:
Email:
Phone:
Payments
There are several ways to make payments - online, over the phone, through a mobile app, by check or money order, or by wire transfer. Some companies offer a discount for automatic payments. There may be penalties for late or missed payments.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | No |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | Yes |
Forgiveness and Cancellation
both loan forgiveness and consolidation are offered. To qualify for loan forgiveness, you must make a certain number of payments under an income-driven repayment plan.
| 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 can also apply for a loan using a mobile app. A cosigner may be required.
| Question | Answer |
|---|---|
| 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 with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your 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 EATON FAM 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.