What does PEOPLE FUND mean on my credit report?

Learn about PEOPLE FUND, 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 PEOPLE FUND?

PEOPLE FUND is shorthand for PeopleFund, with the company name being PeopleFund Inc

PeopleFund is a financial institution offering financial services company focused on small businesses and not-for-profits across North America. From affordable financing solutions to criticalresourcesand networking events, PeopleFund aims to support communities by connecting people with local organizations.

PEOPLE FUND 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 PeopleFund.

  • ⚫ 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:

  • ⚫ Business Loan

How do I contact them?

Here is the current contact details for PeopleFund:

Address:

  • 2921 E. 17th Street Building D Suite 1 Austin, TX 78702

Website:

Email:

Phone:

Payments

PeopleFund provides various payment options, such as taking out a loan, donating, and taking classes. Additionally, PeopleFund is rated A+ by Aeris, is certified by the US Department of Treasury, and is a member of the Opportunity Finance Network and Association of Enterprise Opportunity. PeopleFund offers online payments, a mobile app to make payments, and prepaid debit card services as part of their financial services. Wire transfer is also a supported payment method.

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

PeopleFund does not offer loan forgiveness or consolidation. They do offer loans and lines of credit for real estate, leasehold improvements, equipment purchases, personnel expansion, and more. Interest rates vary from 7 – 15%, and there are interest rate discounts available for women owned businesses, veteran owned businesses, and other specialty programs.

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

How to Apply

PeopleFund offers loans online, over the phone, and in person. They are certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI), rated A+ by Aeris, and members of the Opportunity Finance Network and Association of Enterprise Opportunity. PeopleFund offers loan services through mobile applications and the option of having 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.

PEOPLE FUND 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 PEOPLE FUND 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.