What does BMG MONEY mean on my credit report?
Learn about BMG MONEY, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is BMG MONEY?
BMG MONEY is shorthand for BMG Money Inc, with the company name being BMG Money Inc Inc
We assist people to deal with unexpected issues in an affordable and responsible manner, and we all share one vision — we support employees to borrow responsibly and improve their financial life quality. The Company embodies Innovation, is committed to Quality and does not fear to challenge the established order.
BMG MONEY is a Creditor 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 BMG Money Inc.
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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
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for BMG Money Inc:
Address:
- 444 Brickell Avenue Suite 250, Miami, FL 33131
Website:
Email:
Phone:
Payments
BMG Money, Inc. and BMG LoansAtWork, LLC offer a variety of payment options for their loans, including online payments, mobile app payments, wire transfers, and prepaid debit cards. There is an interest rate match policy for loans made to U.S. federal government employees in select states. There are penalties for late or missed payments, including an increased APR and total cost of the loan.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| 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? | Yes |
| Can I make a payment using a wire transfer? | Yes |
Forgiveness and Cancellation
they do not offer loan forgiveness. However, they do offer loan consolidation which may be a lower cost option than most payday loans. To qualify for loan consolidation, you must be a U.S. federal government employee.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
BMG Money, Inc. and BMG LoansAtWork, LLC offer loan programs with significantly lower interest rates than most payday loans. The application process can be completed online, by mail, or in person. If approved, funds are generally deposited via ACH within 2-3 hours of final loan approval. Same day funding is available if approved and signed before 12:00 p.m. ET on a normal business day. BMG Money’s loan program offers a bi-weekly allotment installment payment of approximately $95.
| 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.
How do I remove BMG MONEY 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.
