What does NEW AMERICAN FUNDING mean on my credit report?
Learn about NEW AMERICAN FUNDING, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is NEW AMERICAN FUNDING?
NEW AMERICAN FUNDING is shorthand for New American Funding , with the company name being New American Funding Inc
During the transaction, our commitment to customer service extends after the closing while serving their mortgage.
NEW AMERICAN FUNDING 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 New American Funding .
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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 average high credit balance is $360700.
How do I contact them?
Here is the current contact details for New American Funding :
Address:
- 14511 Myford Road, Suite 100, Tustin, CA 92780.
Website:
Email:
Phone:
Payments
New American Funding offers pre-approval within 24 to 48 hours for those who submit the required documents. There are loan options available that do not require a down payment, such as the VA or USDA loan. You cannot get approved for a loan if you have filed for bankruptcy recently, but the “Back to Work” program allows you to apply for a loan 12 months after your discharge date. Adjustable rates may be a good option if you plan to sell before the fixed period of 5 to 7 years. You can make payments over the phone, online, or through a mobile app. Wire transfers are one of the payment options available when buying a home or refinancing your current home.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| 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
New American Funding offers loan consolidation through VA and USDA loans, as well as their exclusive “Back to Work” program. You can qualify for loan forgiveness by applying for VA or USDA loans that allow you to get pre-approved without putting money down and using gifted funds, or by applying for an FHA or VA loan two years after your discharge date of your bankruptcy, or New American Funding’s exclusive “Back to Work” program 12 months after your discharge date.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
It is possible to apply for a loan online, in person, or using a mobile app. Applying for a loan over the phone call is not an option. New American Funding offers pre-approvals in as little as 24-48 hours and has a Back to Work program that can be applied for 12 months after a bankruptcy, foreclosure, short sale, or deed in lieu. Additionally, adjustable rate mortgages may be a good option if you plan to sell before the fixed period of 5-7 years. Applying for a loan with a cosigner is also an option.
| 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 NEW AMERICAN FUNDING 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.
