What does FOCUS FCU mean on my credit report?
Learn about FOCUS FCU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is FOCUS FCU?
FOCUS FCU is shorthand for Focus Federal Credit Union , with the company name being Focus Federal Credit Union Inc
A group of seven people got a federal charter in 1955 to run a credit union; we remain a local financial institution and are proud to be headquartered in Oklahoma. We’ll still greet you with a smile, we’re going to hold on to your hands and stare into your eye as we discuss our loan rates because we’ve got your best interest at heart.
FOCUS FCU is a Federal 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 Focus Federal 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
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
How do I contact them?
Here is the current contact details for Focus Federal Credit Union :
Address:
- 420 NE 10th StOklahoma City, OK 73104, USA
Website:
Email:
Phone:
Payments
payments can be made online or in person through cash, check, or credit/debit card. The company offers a monthly payment plan for customers. To get a payment refund you must contact the merchant or the service provider to request a refund. Payments can be made over the phone. Many businesses offer a secure online payment system, allowing customers to make payments via debit or credit card, bank transfer, or other payment methods. Automatic payments are not eligible for discounts at this time. payment options for purchase of our products include using a check or money order. You can make a payment using a mobile app. Missed or late payments can result in penalties. Prepaid debit cards can be used to make payments. Wire transfers are an electronic way of transferring money from one bank account to another.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| 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 offers loan forgiveness and consolidation. To qualify for loan forgiveness, one must have made 120 payments on their Direct Loans after October 1, 2007. To qualify for loan consolidation, one must have made at least 12 payments on their Direct Loans.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
You can apply for a loan in person, over the phone, or online. You may need 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? | Yes |
| 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 FOCUS 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.