What does GVT EMP CU mean on my credit report?
Learn about GVT EMP CU, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is GVT EMP CU?
GVT EMP CU is shorthand for GEFCU, with the company name being GEFCU Inc
In 1931, GEFCU was founded as a financial cooperation to allow its members to better manage their finances and obtain credits. It is the oldest Credit Union in Austin, serving both Travis County and all of the Counties surrounding it. After becoming a member, you will always be a member of GEFCU. Its volunteer board of directors are elected directly by you and come from the local community, therefore you have a voice in the future of your credit union.
GVT EMP 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 GEFCU.
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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 $8400.
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⚫ The average high credit balance is $50000.
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⚫ The typical loan duration is 84 months.
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⚫ The average monthly repayment is $100.
The account is classified under the following METRO2 categories:
- ⚫ Auto Loan
How do I contact them?
Here is the current contact details for GEFCU:
Address:
- 1821 Directors Blvd., Austin, Texas 78744
Website:
Email:
Phone:
Payments
payments can be made using a variety of methods, including credit cards, PayPal, bank transfers, and other online payment platforms. Most websites now offer an online payment system. These systems allow users to securely pay for goods and services using their credit cards or other payment methods. The company offers a 10% discount for customers who sign up for automatic payments. Late or missed payments may result in late fees and other penalties such as a negative impact on credit score or additional interest charges.
| 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? | Yes |
| 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 is not available from this provider. However, they do offer loan consolidation which is a process of combining multiple loans into a single loan. This can be done to lower monthly payments and/or receive a lower interest rate. Loan forgiveness is possible through several programs administered by the U.S. Department of Education, however, borrowers must meet other eligibility requirements such as having a qualifying repayment plan, have a partial financial hardship, and be up-to-date on their payments.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
You can apply for a loan online, in person, or using a mobile app. Many lenders also offer the option to apply for a loan with a cosigner. A cosigner is someone who agrees to be responsible for the loan if you are unable to make payments.
| 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 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 GVT EMP 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.