What does WEPCO FCU mean on my credit report?
Learn about WEPCO FCU, an federal credit union offering loans for financial assistance. Check the impact to your credit report and financial status.
What is WEPCO FCU?
WEPCO FCU is shorthand for WEPCO Federal Credit Union, with the company name being WEPCO Federal Credit Union Inc
We offer the exemplary services necessary to earn the right to be your financial institution of preference. We will seize every opportunity to expand the credit union in a responsible manner for the benefit of all we serve. We will provide opportunities to our employees so that they fully realize their potential. We will continue to actively support the communities where we serve. The CU was founded on April 24, 1950 as Local 676 UPA Federal Credit Union.
WEPCO FCU is a Federal 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 WEPCO Federal 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.
How do I contact them?
Here is the current contact details for WEPCO Federal Credit Union:
Address:
- 204 North Branch Avenue P.O. Box 157 Bloomington, MD 21523
Website:
Email:
Phone:
Payments
payments can be made through a credit union, which is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. Membership is open to anyone in a specific group of people, such as a group of employees or the members of a professional or religious group.WEPCO Federal Credit Union offers a monthly payment plan and members can make payments online. Other payment options such as using a check or money order are available. Missed or late payments may result in fees or other penalties.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| 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 by credit unions. WEPCO Federal Credit Union offers loan consolidation. Most credit unions require members to be part of a specific group, such as a group of employees, a professional or religious group, or people living in a certain area. All savings accounts are insured up to $250,000 by the NCUA. IRA accounts are also separately insured up to $250,000.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
you can apply for a loan online, in person, or using a mobile app through WEPCO Federal Credit Union. All savings accounts are insured up to $250,000 by the NCUA. A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group.
| 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 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 WEPCO 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.