What does HOUSTON FEDERAL CRED U mean on my credit report?

Learn about HOUSTON FEDERAL CRED U, an federal 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 HOUSTON FEDERAL CRED U?

HOUSTON FEDERAL CRED U is shorthand for Houston Federal Credit Union, with the company name being Houston Federal Credit Union Inc

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HOUSTON FEDERAL CRED 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 Houston 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 Houston Federal Credit Union:

Address:

  • 16320 Kensington Drive Sugar Land, Texas

Website:

Email:

Phone:

Payments

Houston Federal Credit Union offers Remote Deposit Anywhere, a free service, that allows members to make payments online using their smartphone. There are no fees associated with this service and there are limits of 5 deposits per day and 20 deposits per month with an aggregate value of $10,000 per month. You can make a payment using a prepaid debit card with HFCU’s Remote Deposit Anywhere service. The service is free and has a limit of 5 deposits per day with a total aggregate value of $2,500 or 20 deposits per month with an aggregate value of $10,000. you can make a payment using a wire transfer with HFCU’s Remote Deposit Anywhere feature. It is a free service for eligible members and there are certain deposit and transaction limits in place.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
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

They do not offer loan forgiveness. To qualify for loan forgiveness you must be 18 years or older, have had your account open for at least 90 days, not caused a loss to any financial institution in the past 12 months, have no delinquent credit obligations with HFCU, and not have any abusive practices such as kiting, counterfeit or fraudulent transaction activity, or excessive insufficient fund (NSF) activity.

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

How to Apply

You can apply for a loan online with Houston Federal Credit Union’s Remote Deposit Anywhere service. Eligible members can enroll in the service and take advantage of the convenient and secure mobile banking app which allows deposits directly into accepted checking, savings, or money market accounts. There is a limit of 5 deposits per day up to $2,500, with a monthly limit of 20 deposits up to $10,000. Remote Deposit Anywhere is a free service with no additional fees. You cannot apply for a loan over a phone call, in person, or using a mobile app without being signed up for the Remote Deposit Anywhere service. If you are signed up for the service, you can 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? No
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.

HOUSTON FEDERAL CRED U 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 HOUSTON FEDERAL CRED 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.