What does FORUM CU mean on my credit report?

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

Updated January 1, 2023
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What is FORUM CU?

FORUM CU is shorthand for FORUM Credit Union, with the company name being FORUM Credit Union Inc

FORUM CU 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 FORUM 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 $600.

  • ⚫ The average high credit balance is $600.

  • ⚫ The typical loan duration is 8 months.

  • ⚫ The average credit limit is $700.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card
  • ⚫ Secured

How do I contact them?

Here is the current contact details for FORUM Credit Union:

Address:

  • 11313 USA Parkway Fishers, IN 46037

Website:

Email:

Phone:

Payments

To make a payment, you need to provide your payment information to the merchant or business you’re making the payment to. Depending on the type of payment, you may need to provide either a credit or debit card number, bank account information, or other payment information. They offer a monthly payment plan for customers. In order to get a payment refund, you will need to contact the company from which you purchased the item. Customers can make payments over the phone using their credit or debit cards. You can make payments online through an online payment system. Online payment systems provide a secure and convenient way to pay for goods and services online, eliminating the need to pay with cash or checks. Checks or money orders are also accepted. You can make a payment using a mobile app. Many banks have mobile apps that allow users to securely transfer money from one bank account to another using their phone. In addition, there are various mobile payment services available that allow you to pay for goods and services with your phone. Late or missed payments can result in penalties such as additional fees, negative credit reporting, and collection activities. Prepaid debit cards are also accepted.

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, the borrower must make 120 on-time payments. For consolidation, the borrower must have a Direct Loan.

Question Answer
Do they offer loan consolidation? Yes

How to Apply

It is possible to apply for a loan online, over the phone, or in person. Some applications may require 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.

FORUM 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 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 FORUM 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.