What does SOMERSET TR mean on my credit report?

Learn about SOMERSET TR, 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 SOMERSET TR?

SOMERSET TR is shorthand for Somerset Trust Home Page, with the company name being Somerset Trust Home Page Inc

The city of Somerset, which was described by a newspaper then as “an aggressive mountain town”, grew in 1889 with a population of nearly 4,000; businesspeople and community leaders realized the emerging need for a local bank if their community was to continue to flourish. This independent community-vision remains today at Somerset Trust.

SOMERSET TR 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 Somerset Trust Home Page.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for Somerset Trust Home Page:

Address:

  • PO Box 777 151 West Main Street Somerset, PA 15501

Website:

Email:

Phone:

Payments

STC Anywhere offers loan payment services. To sign up, contact the Somerset Trust Company via phone (814-443-9200 or 800-972-1651), or visit one of their convenient locations. You can make payments online using STC Anywhere. You can also make a Person to Person Transfer and sign up for eStatements. Mobile banking is supported on most phones. Payments cannot be made over the phone. There are no penalties for late or missed payments. Customers can obtain a payment refund by contacting the company’s customer service department.

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

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

How to Apply

It is possible to apply for a loan online, using a mobile app, or 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? No
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.

SOMERSET TR 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 SOMERSET TR 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.