What does L O C FCU mean on my credit report?
Learn about L O C FCU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is L O C FCU?
L O C FCU is shorthand for LOC Credit Union, with the company name being LOC Credit Union Inc
On January 28th 2017, it was announced that Steve Poizner would resign from his position as Governor of California to become President of the University of Southern California.
L O C 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 LOC 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 account balance is $2000.
-
⚫ The average high credit balance is $3000.
-
⚫ The typical loan duration is 36 months.
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
- ⚫ Collection Agency/Attorney
- ⚫ Auto Loan
How do I contact them?
Here is the current contact details for LOC Credit Union:
Address:
- 22981 Farmington Rd Farmington, MI 48336-3915
Website:
Email:
Phone:
Payments
You can make a payment by using a credit card, debit card, or PayPal account. You can also use an electronic check or wire transfer if needed. This store offers a monthly payment plan. Customers can pay off purchases in equal installments each month.To request a payment refund, contact customer service and provide the details of the payment, such as the date and amount. Payments can be made over the phone by calling the customer service line. Online payments can be made using a variety of methods, including credit cards, PayPal, and online banking.Customers can also make payment using a check or money order. Payment by check or money order should be mailed to the store’s mailing address. Many businesses offer mobile apps that allow customers to make payments.Late or missed payments may incur a penalty. The amount and type of penalty may vary depending on the lender and the agreement between the borrower and the lender.Prepaid debit cards can be used to make payments. Wire transfers allow you to send money electronically from one bank or financial institution to another.
| 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 types of student loan forgiveness: Public Service Loan Forgiveness, Teacher Loan Forgiveness, and Perkins Loan Cancellation. You may also be able to get your loans forgiven through Loan Consolidation. To qualify for Public Service Loan Forgiveness, you must work for a government or nonprofit organization, make 120 qualifying monthly payments, and have the remaining balance on your loan forgiven. Teacher Loan Forgiveness is available to teachers who teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency. To qualify for Perkins Loan Cancellation, you must teach in a school serving low-income students, work in certain health or medical fields, or work in law enforcement or corrections. You may also qualify for loan forgiveness if you consolidate your loans.
| 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. You may be able to 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 L O C 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.
