What does BAYOU FIN mean on my credit report?

Is BAYOU FIN making an impact on your credit score?

Updated January 1, 2023
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What is BAYOU FIN?

BAYOU FIN is shorthand for Bayou Financial Services, with the company name being Bayou Financial Services

Their goal is to provide quick, friendly and personalized services to their customers, and get them approved for their loans even if they have bad credit.

BAYOU FIN is a Creditor provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Bayou Financial Services.

  • ⚫ 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 $100.

  • ⚫ The average high credit balance is $1700.

  • ⚫ The typical loan duration is 14 months.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Secured

How do I contact them?

Here is the current contact details for Bayou Financial Services:

Address:

  • 526 S Burnside Ave, Gonzales, LA 70737

Website:

Email:

Phone:

Payments

Bayou Financial Services offers loans ranging from $350 to $15,000. To make a payment, you can click “Apply Now” on the Personal Loans or Auto Finance pages. You can also make a payment over the phone or using a mobile app. There are no 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
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

Bayou Financial Services does not offer loan forgiveness or consolidation.

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

How to Apply

Bayou Financial Services offers personal and auto loans with loan amounts ranging from $350 to $15,000. You can apply for a loan online by clicking the “Apply Now” button. A down payment of 20% of the purchase price is required for auto loans with a maximum loan amount of $15,000.

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.

BAYOU FIN 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.

How do I remove BAYOU FIN 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.