What does MERITRUST FEDERAL CRED mean on my credit report?
Learn about MERITRUST FEDERAL CRED, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is MERITRUST FEDERAL CRED?
MERITRUST FEDERAL CRED is shorthand for Meritrust Credit Union, with the company name being Meritrust Credit Union Inc
Regardless of wherever you are on your financial wellbeing journey, we can help you plan for a solid future. We offer savings products, lending options, and money management tools which makes bankrolling simple and accessible around the clock.
MERITRUST FEDERAL CRED is a Credit Union provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Meritrust Credit Union.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
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⚫ The average high credit balance is $400.
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⚫ The average credit limit is $500.
The account is classified under the following METRO2 categories:
- ⚫ Credit Card
How do I contact them?
Here is the current contact details for Meritrust Credit Union:
Address:
- Meritrust Credit Union PO Box 2926 Wichita, KS 67201-2926
Website:
Email:
Phone:
Payments
To make a payment, you can use a variety of methods including credit cards, PayPal, cash, or bank transfers. You can also set up automatic payments to ensure that your payments are made on time. If you need to refund a payment, you must contact the merchant and request a refund. Depending on the merchant, you may be able to initiate the refund request online. If a paper trail is required, you may need to provide a letter or proof of purchase. Customers can also pay by check or money order. Many websites offer the ability to make payments online with credit, debit, and digital payment services. The process is usually simple and secure, allowing for a quick and convenient way to make payments. Mobile apps are also available that allow you to make payments quickly and securely from your phone. Some of these apps also come with features such as automatic payments, payment reminders, and budget tracking. Late or missed payments may be subject to late fees or other penalties. Wire transfers are a convenient method of payment and can typically be processed quickly. Wire transfers are usually secure and offer a low risk of fraud. Fees associated with wire transfers vary depending on the institution you are using.
| 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
The website offers loan forgiveness and consolidation. To qualify for loan forgiveness, the user must make 120 on-time payments.
| Question | Answer |
|---|---|
| Do they offer loan consolidation? | Yes |
How to Apply
There are several ways to apply for a loan, including online, over the phone, in person, and using a mobile app. Some loans may require 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 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 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.
How do I remove MERITRUST FEDERAL CRED 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.