What does PLUS 4 CU mean on my credit report?
Learn about PLUS 4 CU, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is PLUS 4 CU?
PLUS 4 CU is shorthand for Plus4 Credit Union, with the company name being Plus4 Credit Union Inc
4 Credit Union is committed to serve all members, including those with disabilities. We aim to provide an environment that makes everyone aware, including through continuous tests and adjustments as required by WCAG 2.0 standards.
PLUS 4 CU 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 Plus4 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 account balance is $400.
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⚫ The average high credit balance is $8800.
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⚫ The typical loan duration is 26 months.
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⚫ The average credit limit is $800.
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⚫ The average monthly repayment is $100.
The account is classified under the following METRO2 categories:
- ⚫ Auto Loan
- ⚫ Unsecured
- ⚫ Secured
- ⚫ Collection Agency/Attorney
- ⚫ Credit Card
How do I contact them?
Here is the current contact details for Plus4 Credit Union:
Address:
- 9998 Almeda Genoa Houston, TX 77075
Website:
Email:
- [hmbanking@plus4cu.org general@plus4cu.org](mailto://hmbanking@plus4cu.org general@plus4cu.org)
Phone:
Payments
There are many ways to make a payment, including online, over the phone, and using a mobile app. You can also use a check, money order, or wire transfer. There is a discount for automatic payments, and there are penalties for late or missed payments.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| 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
ABC Bank does not offer loan forgiveness. However, they do offer loan consolidation services. This allows customers to combine their existing debts into one single loan with one monthly payment. There is also the potential for a lower interest rate. To qualify for loan forgiveness, borrowers must meet certain requirements. These can include working in a specific field, full-time at a qualifying nonprofit, and meeting certain income requirements. Borrowers must also have made payments on their loans for a certain period of time.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
you can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. You may be able to apply for a loan with 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 PLUS 4 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.
