What does PATELCO CU mean on my credit report?

Learn about PATELCO CU, an 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 PATELCO CU?

PATELCO CU is shorthand for Patelco Credit Union, with the company name being Patelco Credit Union Inc

PATELCO CU 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 Patelco 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 $1100.

  • ⚫ The average high credit balance is $21200.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Unsecured
  • ⚫ Collection Agency/Attorney
  • ⚫ Credit Card

How do I contact them?

Here is the current contact details for Patelco Credit Union:

Address:

  • PO Box 2227 Merced, CA 95344

Website:

Email:

Phone:

Payments

Patelco does not offer monthly payment plans or discounts for automatic payments. You can make payments online or through the mobile app. There are no penalties for late or missed payments. You cannot make payments using a prepaid debit card or wire transfer.

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? No
Can I make a payment using a wire transfer? No

Forgiveness and Cancellation

they do not offer loan forgiveness or consolidation. The qualifications for loan forgiveness are not discussed.

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

How to Apply

You cannot apply for a loan online, over the phone, or in person. The San Leandro branch is temporarily closed. You can use our digital banking tools to manage your accounts conveniently. Additionally, our platform includes features like customizable alerts, transfers between accounts, budgeting tools, and integration with Quicken and Mint. You can also access your account 24/7 and set two-factor authentication (2FA) as an extra layer of protection. Applying for a loan with a cosigner requires you to use the online banking or the mobile app with two-factor authentication (2FA).

Question Answer
Can I apply for a loan online? No
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.

PATELCO CU 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 PATELCO CU 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.