What does HONDA FEDERAL C U mean on my credit report?

Updated January 1, 2023

What is HONDA FEDERAL C U?

HONDA FEDERAL C U is shorthand for Honda Federal Credit Union, with the company name being Honda Federal Credit Union Inc

The Board of Directors are elected by members of the Co-operative Bank, which is controlled by its shareholders. Its duty is to further the development and prosperity through banking on cooperatives.

HONDA FEDERAL C U is a Federal 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 Honda Federal Credit Union.

• ⚫ You opened a credit card / loan / mortgage with this company.

• ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for Honda Federal Credit Union:

Address:

• 19701 Hamilton Avenue, Suite 130 P.O. Box 2290 Torrance, CA 90502

Website:

• hondafcu.org

Email:

• [info @hondafcu.org](mailto://info @hondafcu.org)

Phone:

• 800-634-6632

Payments

Honda FCU offers payments by phone, online, mobile app, and wire transfer using the routing number 322275746. There are no refunds for payments, but there may be 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

Honda FCU does not offer loan forgiveness or consolidation. To qualify for loan forgiveness, one should complete the FAFSA each year the student is in college, file their taxes immediately upon receiving their W-2 form, and set up savings plans such as 529 plans and the Coverdell Education Savings Account (ESA). Additionally, one should set up automatic deductions from their pay when their child is small and sign up for a joint savings account with Honda FCU.

Question	Answer
Do they offer loan forgiveness?	No
Do they offer loan consolidation?	No

How to Apply

You can apply for a loan online, in person, or using the mobile app offered by Honda Federal Credit Union. You may also apply for a loan with 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 HONDA FEDERAL C U 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.

• Sample Equifax Dispute Letter
• Sample Experian Dispute Letter
• Sample TransUnion Dispute Letter