What does GROWCREDIT mean on my credit report?

Learn about GROWCREDIT, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is GROWCREDIT?

GROWCREDIT is shorthand for Grow Credit Inc, with the company name being Grow Credit Inc Inc

GROWCREDIT 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 Grow 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 account balance is $100.

  • ⚫ The average high credit balance is $500.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured

How do I contact them?

Here is the current contact details for Grow Credit Inc:

Address:

  • 1447 2nd Street #200 Santa Monica 90401.

Website:

Email:

Phone:

Payments

To make a payment, you can do so online, over the phone, or through the mail. There is also a mobile app that you can use. If you choose to do automatic payments, you may be eligible for a discount. If you make a late or missed payment, there may be 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
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

There are three main types of federal student loans: Stafford Loans, Perkins Loans, and PLUS Loans. Stafford Loans are either subsidized or unsubsidized. With a subsidized Stafford Loan, the government pays the interest while the student is in school. An unsubsidized Stafford Loan accrues interest from the time the loan is taken out. Perkins Loans are only for students with exceptional financial need. PLUS Loans are for the parents of dependent undergraduate students and for graduate or professional students. Private loans are also available, but they should be a last resort.

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

How to Apply

you can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. You may be able to apply for a loan with a cosigner.

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.

GROWCREDIT 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 GROWCREDIT 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.