What does ILAFCU mean on my credit report?

Learn about ILAFCU, 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 ILAFCU?

ILAFCU is shorthand for ILA Federal Credit Union, with the company name being ILA Federal Credit Union Inc

ILAFCU 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 ILA 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 $1000.

  • ⚫ The typical loan duration is 6 months.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured
  • ⚫ Collection Agency/Attorney

How do I contact them?

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

Address:

  • 1355 International Terminal Blvd, Norfolk, VA 23505, United States

Website:

Email:

Phone:

Payments

payments can be made online, in person, or through mail. To make a payment online, you will need to log into your account, select the payment option, and enter your payment details. To make an in-person payment, you will need to visit the business or service provider to pay in cash, check, or credit card. To make a payment through mail, you will need to send a check or money order to the appropriate address.they offer an affordable monthly payment plan. Customers can pay a fixed price each month based on their desired subscription level and the number of users they have.contact your provider to request a refund. If applicable, provide them with the order number, payment details, and the reason for the refund. You may need to provide additional documentation or fill out a refund request form.payments can be made over the phone using many types of payment methods, such as credit or debit cards, PayPal, and other online payment services.mobile app payments are a convenient way to make payments. Many banks, merchants, and payment processors offer mobile applications that allow you to quickly and securely make payments using your phone or tablet.late payments can incur penalties such as late fees, interest charges, and other punitive measures. Penalties for missed payments can be more severe, such as credit score damage, potentially higher interest rates on future loans, and even debt collection action.you can make a payment using a wire transfer. Wire transfers are a secure and efficient way to send money electronically from one bank account to another. Funds are typically available in the recipient’s account within one to two business days.

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 ways to qualify for loan forgiveness through the Public Service Loan Forgiveness Program. You must make 120 qualifying monthly payments while working full-time for a qualifying employer, make payments under a qualifying repayment plan, and have a qualifying loan.

Question Answer
Do they offer loan forgiveness? No
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. In some cases, you may need 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.

ILAFCU 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 ILAFCU 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.