What does HUD FCU mean on my credit report?

Learn about HUD FCU, 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 HUD FCU?

HUD FCU is shorthand for HUD Federal Credit Union, with the company name being HUD Federal Credit Union Inc

We now have branches everywhere, we’ve even opened up offices on military bases across America, including overseas! The board of directors consists exclusively from HUDFCU members.

HUD FCU 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 HUD Federal 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 high credit balance is $5000.

  • ⚫ The typical loan duration is 40 months.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured

How do I contact them?

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

Address:

Website:

Email:

Phone:

Payments

Payments can be made online, over the phone, or through a mailed check. There is a monthly payment plan available. You can get a payment refund by contacting the seller or the company. Some businesses accept other forms of payment, such as an online payment processing system or an e-check. There are no discounts for automatic payments. Checks and money orders are accepted payment options. You can make payments using a mobile app. Penalties may include late fees, additional interest, or the accrual of negative marks on your credit report. Prepaid debit cards and wire transfers are also payment methods that can be used.

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

they do not offer loan forgiveness. The company offers loan consolidation services to help customers manage and reduce their monthly payments. They provide personalized support to help customers understand the different debt consolidation options available to them. Loan forgiveness is available to borrowers who meet certain qualifications. Eligibility depends on the type of loan and program, but generally, you must be a full-time employee at a qualifying public service organization and have made 120 consecutive, on-time payments. Additionally, you must submit an application to your loan servicer for review to determine your eligibility.

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 banks and financial institutions offer online loan applications that allow you to submit information and documents in a secure and efficient manner. You may need to provide additional documents and information in order to complete the application process. 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? 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.

HUD FCU 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 HUD 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.