What does MIDWEST CARPENTERS & M mean on my credit report?

Learn about MIDWEST CARPENTERS & M, 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 MIDWEST CARPENTERS & M?

MIDWEST CARPENTERS & M is shorthand for Midwest Carpenters & Millwrights Federal Credit Union, with the company name being Midwest Carpenters & Millwrights Federal Credit Union Inc

Two months after opening, our local credit union had a total membership of 27 persons. In 1993, we joined forces with the service centers of Indianapolis to offer shared branch transactions for its members. More recently, in 2014, we transformed into an outlet centre to meet the needs of both our members and those of our guests from other unions.

MIDWEST CARPENTERS & M 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 Midwest Carpenters & Millwrights 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 $9300.

  • ⚫ The average credit limit is $5000.

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card

How do I contact them?

Here is the current contact details for Midwest Carpenters & Millwrights Federal Credit Union:

Address:

  • 680 N Union St, Hobart, IN 46342, United States

Website:

Email:

Phone:

Payments

MCMFCU offers loans, credit cards, online banking, and other payment options such as checks and money orders. There are no penalties for late or missed payments. In March 2023, they will be introducing a new core computer system which will include a mobile app for payments.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
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 or loan consolidation. To qualify for loan forgiveness, you must become a member of a credit union by submitting your membership application and required identification documents and making a $5 deposit.

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

How to Apply

you can apply for a loan online, and MCMFCU offers a more robust online banking system with a phone app for loan origination in March 2023. You can also apply for a loan with a cosigner, and they have competitive loan rates.

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? No
Can I apply for a loan using a mobile app? No
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.

MIDWEST CARPENTERS & M 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 MIDWEST CARPENTERS & M 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.