What does MCCOY FEDERAL CREDIT U mean on my credit report?

Learn about MCCOY FEDERAL CREDIT 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 MCCOY FEDERAL CREDIT U?

MCCOY FEDERAL CREDIT U is shorthand for McCoy Federal Credit Union, with the company name being McCoy Federal Credit Union Inc

In 1958, Pine Castle Air Force Base was named after Captain Mike McCoy, who died here during the war. Since then, it has been known as McCoy Air Force Base. In 1974, when the base was closed, McCoy Federal Credit Union moved to West Florida and established an office near Southside Market on L. B. McCoart Drive and Kirkman Road.

MCCOY FEDERAL CREDIT 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 McCoy 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 $12300.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Secured

How do I contact them?

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

Address:

  • 1900 McCoy Rd, Orlando, FL 32809, United States

Website:

Email:

Phone:

Payments

There are many ways to make payments, including online, over the phone, and through a mobile app. You can also use a prepaid debit card, wire transfer, or check/money order. There is usually a discount for automatic payments, and 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
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

According to the Department of Education, Navient offers loan consolidation and loan forgiveness. To qualify for loan forgiveness, you must be employed by a qualifying organization, have made 120 qualifying payments, and not be in default on your loans.

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

How to Apply

All loan applications must be submitted online. You cannot apply for a loan over the phone or in person. You may be able to apply for a loan using a mobile app, but this will vary by lender. Some loans may require a cosigner.

Question Answer
Can I apply for a loan online? Yes
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.

MCCOY FEDERAL CREDIT 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 MCCOY FEDERAL CREDIT 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.