What does MUTUAL SAVINGS CREDIT mean on my credit report?
Learn about MUTUAL SAVINGS CREDIT, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is MUTUAL SAVINGS CREDIT?
MUTUAL SAVINGS CREDIT is shorthand for Mutual Savings Credit Union, with the company name being Mutual Savings Credit Union Inc
The building, which was opened by President Lincoln on July 4, 1864, served as the first capitol building until 1865 when the current Capitol Building was completed.
MUTUAL SAVINGS CREDIT is a 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 Mutual Savings Credit Union.
-
⚫ You opened a credit card / loan / mortgage with this company.
-
⚫ Someone fraudulently opened a credit line under your name.
How do I contact them?
Here is the current contact details for Mutual Savings Credit Union:
Address:
- 2040 Valleydale Rd Birmingham (Alabama)
Website:
Email:
Phone:
Payments
Mutual Savings Credit Union offers online and mobile app payment options for its customers. There are no penalties for late or missed payments. Wire transfer payments cannot be made at the Midfield ATM station due to damage to the building.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| 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? | No |
Forgiveness and Cancellation
Mutual Savings Credit Union offers loan forgiveness to those who qualify. To qualify, you must have a qualifying repayment plan, make 120 on-time payments, and work full-time in public service or for a qualifying employer.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
You can apply for a loan online, over the phone, or in person at Mutual Savings Credit Union. You will need to provide your name, address, date of birth, Social Security number, and financial information. If you are applying for a loan with a cosigner, you will need their name and contact information as well. For more information, you can visit their website or contact Member Services at 1-800-950-6728.
| 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? | 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 MUTUAL SAVINGS CREDIT 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.
