What does HERCULES FIRST FCU mean on my credit report?
Learn about HERCULES FIRST FCU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is HERCULES FIRST FCU?
HERCULES FIRST FCU is shorthand for Hercules First Federal Credit Union, with the company name being Hercules First Federal Credit Union Inc
Its founder and director, George F. Hurley, was an officer of the American Missionary Association, which sent him to Haiti where he helped establish this branch.
HERCULES FIRST 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 Hercules First 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:
- ⚫ Credit Card
How do I contact them?
Here is the current contact details for Hercules First Federal Credit Union:
Address:
- 3141 West 4700 South Salt Lake City, Utah 84129
Website:
Email:
Phone:
Payments
You can make a payment online, over the phone, or using a mobile app. You can also make a payment using a prepaid debit card, wire transfer, or check/money order. There is a discount for automatic payments, and there are penalties for late or missed payments.
| 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
There are three main options for student loan forgiveness: public service loan forgiveness, income-driven repayment forgiveness, and Perkins loan cancellation. Each program has different requirements that must be met in order to qualify.
| Question | Answer |
|---|---|
| Do they offer loan consolidation? | Yes |
How to Apply
you can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. If you have a cosigner, they may be able to help you get the loan.
| 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 HERCULES FIRST 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.
