What does PRFRD CUS AC mean on my credit report?
Learn about PRFRD CUS AC, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
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What is PRFRD CUS AC?
PRFRD CUS AC is shorthand for Preferred Credit Inc
, with the company name being Preferred Credit Inc Inc
To see a video about Client Experience at PCI click above the profile picture. Prior to joining PCI, Windfeldt was a member of the industry since 1965; he began as an employee of The Kirby Company and later served as President and CEO of that firm.
PRFRD CUS AC 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 Preferred Credit Inc.
-
⚫ 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 $2400.
How do I contact them?
Here is the current contact details for Preferred Credit Inc:
Address:
- 628 Roosevelt Rd. St. Cloud, MN 56301
Website:
Email:
Phone:
Payments
Preferred Credit Inc. offers many payment options including online payments, phone payments, checks, and money orders. There are no penalties for late or missed payments. Discounts are not offered for automatic payments.
Question | Answer |
---|---|
Do they offer a monthly payment plan? | No |
Can I make payments over the phone? | Yes |
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? | Yes |
Forgiveness and Cancellation
loan forgiveness is not offered. Loan consolidation is also not an option. To qualify for loan forgiveness, borrowers must make 120 qualifying payments on an eligible loan while employed in a qualifying public service job. Eligible loan types include Direct Loans and FFEL Loans, while qualifying public service jobs include government and non-profit organizations.
Question | Answer |
---|---|
Do they offer loan forgiveness? | No |
Do they offer loan consolidation? | No |
How to Apply
Preferred Credit Inc. offers loans that can be applied for online or through mail. Applying for a loan over the phone or in person is not possible. You may need a cosigner for the loan, which can be discussed with customer service.
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? | No |
Can I apply for a loan with a cosigner? | No |
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 PRFRD CUS AC 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.