What does LOCAL MGMT mean on my credit report?
Learn about LOCAL MGMT, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is LOCAL MGMT?
LOCAL MGMT is shorthand for Local Finance and Tax Service, with the company name being Local Finance and Tax Service Inc
LOCAL MGMT 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 Local Finance and Tax Service.
-
⚫ You opened a credit card / loan / mortgage with this company.
-
⚫ Someone fraudulently opened a credit line under your name.
About the account
-
⚫ The average high credit balance is $500.
-
⚫ The typical loan duration is 8 months.
How do I contact them?
Here is the current contact details for Local Finance and Tax Service:
Address:
- 2440 W. Broad St, Ste 14 Athens, GA 30606
Website:
Phone:
Payments
Local Finance and Tax Service provides loans and tax preparation to qualified Alabama, Georgia and South Carolina residents and offers payment with prepaid debit cards. Customers can apply online or at their local branch. There are penalties for late or missed payments.
| 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? | No |
Forgiveness and Cancellation
Local Finance does not offer loan forgiveness or consolidation. To qualify for loan forgiveness, you must make 120 qualifying monthly payments while employed full-time by a qualifying employer.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
Local Finance and Tax Service offers loans to qualified residents of Alabama, Georgia, and South Carolina. Customers can apply for loans online or in person at one of the company’s 40+ branches. Mobile app users can also apply for a loan through the Local Finance and Tax Service app. Loans may be applied for with a cosigner at any of the company’s branches.
| 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 LOCAL MGMT 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.