What does PREM MEM CU mean on my credit report?

Learn about PREM MEM 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 PREM MEM CU?

PREM MEM CU is shorthand for Premier Members Credit Union, with the company name being Premier Members Credit Union Inc

Premier Membership ClubCU is regulated by the Colorado State Laws therefore your money is secure and guaranteed. The Credit Union DifferentChoose a credit union instead of a bank; on average, credit unions can usually provide higher interest rates and reduce or eliminate monthly maintenance fees when compared to banks. All credit union income is then returned to its members.

PREM MEM 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 Premier Members 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 $15800.

  • ⚫ The typical loan duration is 22 months.

  • ⚫ The average credit limit is $7400.

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card
  • ⚫ Auto Loan

How do I contact them?

Here is the current contact details for Premier Members Credit Union:

Address:

  • 360 Interlocken Blvd Ste 200 Broomfield, CO 80021

Website:

Email:

Phone:

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

Forgiveness and Cancellation

they do not offer loan forgiveness or consolidation. However, loan forgiveness is available to qualifying borrowers who meet certain criteria, such as making 120 qualifying payments while working full-time in a public service job, having a federal student loan, and not defaulting on the loan. To apply for loan forgiveness, borrowers should complete the application for Public Service Loan Forgiveness and submit it to the loan holder.

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

How to Apply

members can apply for a loan online by logging into their online banking account. You can also apply for a loan using a mobile app. For more information, please reference page 19 of our Online Banking User Guide and to locate this information on our Mobile App, please check out our Mobile resource guide. members can 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? 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.

PREM MEM 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 PREM MEM 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.