What does BMGMONEYIN mean on my credit report?

Is BMGMONEYIN making an impact on your credit score?

Updated January 1, 2023
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What is BMGMONEYIN?

BMGMONEYIN 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.

BMGMONEYIN 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 BMG Money Inc.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ 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.

BMGMONEYIN 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 BMGMONEYIN 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.