What does LIFEASSET mean on my credit report?
Learn about LIFEASSET, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is LIFEASSET?
LIFEASSET is shorthand for Life Asset , with the company name being Life Asset Inc
Our customer base is very diverse, but all our customers meet the department of housing and urban development (HUD) definition of low income. Our community benefit is positive and measureable, With every successful company that grew as a result of a life asset loan, the surrounding community benefits. Peer to peer network models also get us 96% success rate in terms of retaining companies in operation, while they’re paying back loans.
LIFEASSET 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 Life Asset .
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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
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⚫ The average account balance is $1400.
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⚫ The average high credit balance is $2800.
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⚫ The average monthly repayment is $100.
How do I contact them?
Here is the current contact details for Life Asset :
Address:
- 2448 18th St NW, Washington, DC 20009, United States
Website:
Email:
Phone:
Payments
Life Asset, Inc. is a microloan organization that offers free weekly trainings, networking and support for entrepreneurs in the Greater Washington D.C. area. To apply for a loan, you must meet certain qualifications. Only online payments are accepted by Life Asset, Inc. There are no penalties for late or missed payments with Life Asset. Loans through Life Asset can be paid with a prepaid debit card or wire transfer.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| 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
Life Asset offers loans to entrepreneurs in the Greater Washington D.C. area for business development and loan consolidation. To qualify for a loan from Life Asset, applicants must meet certain criteria including a certain credit score, income level and collateral. Life Asset’s unique social collateral lending model maintains a higher repayment rate than most lenders. Additionally, applicants must attend free weekly training sessions and form/join a peer entrepreneur group.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
Life Asset is a non-profit in the Greater Washington D.C. area that offers microloans, training, and support to entrepreneurs who are not eligible to receive a loan from a bank or other financial institution. They have an online application process and accept cosigners.
| 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 LIFEASSET 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.