What does PENTAGON FCU mean on my credit report?
Learn about PENTAGON FCU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
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What is PENTAGON FCU?
PENTAGON FCU is shorthand for Pentagon Federal Credit Union
, with the company name being Pentagon Federal Credit Union Inc
About Pentagon Federal Credit Union (PenFed) is helping its members “do better” however it exists and whenever it can.
PENTAGON FCU 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 Pentagon 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 account balance is $3100.
-
⚫ The average high credit balance is $11500.
-
⚫ The average monthly repayment is $100.
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
- ⚫ Credit Card
- ⚫ Unsecured
- ⚫ Auto Loan
- ⚫ Auto
- ⚫ Secured
How do I contact them?
Here is the current contact details for Pentagon Federal Credit Union:
Address:
- P.O. Box 679260 Dallas, TX 75267-9260
Website:
Email:
Phone:
Payments
You can make payments online, by mail, or over the phone using a credit or debit card. There are also options to make payments using a check, money order, or wire transfer. Apps are also available to manage your finances on the go. If you are dissatisfied with a purchase, you may be eligible for a refund from the retailer. Otherwise, you can reach out to your payment provider for assistance. There are penalties for late or missed payments, including additional fees and interest, and the account may be reported to credit bureaus.
Question | Answer |
---|---|
Do they offer a monthly payment plan? | Yes |
Can I make payments over the phone? | Yes |
Can I make payments online? | No |
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
loan forgiveness is not offered. Loan consolidation is available and can help with multiple loan payments, a lower monthly payment, and simplifying your financial life. Loan forgiveness is available for certain borrowers who have made 120 payments on time while in an eligible repayment plan, and have held their loans for at least 10 years. Loan forgiveness is also available for borrowers who work in certain public service jobs, or are employed by a non-profit organization.
Question | Answer |
---|---|
Do they offer loan forgiveness? | No |
Do they offer loan consolidation? | Yes |
How to Apply
It is not possible to apply for a loan online, over the phone, or in person. Most banks offer mobile apps that allow customers to apply for loans from the convenience of their smartphones. It is possible to apply for a loan with a cosigner.
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.
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 PENTAGON FCU 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.