What does THE FOUNTAIN FUND mean on my credit report?
Learn about THE FOUNTAIN FUND, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is THE FOUNTAIN FUND?
THE FOUNTAIN FUND is shorthand for Fountain Fund, with the company name being Fountain Fund Inc
THE FOUNTAIN FUND 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 Fountain Fund.
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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 account is classified under the following METRO2 categories:
- ⚫ Auto Loan
How do I contact them?
Here is the current contact details for Fountain Fund:
Address:
- Jefferson School City Center 233 4th St, NW Box Z Charlottesville, VA 22903
Website:
Email:
Phone:
Payments
The Fountain Fund offers low-interest loans to help formerly incarcerated citizens overcome financial barriers and build credit. Payment options include mobile apps, checks, money orders, and wire transfer. There are no 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? | Yes |
Forgiveness and Cancellation
the Fountain Fund does not offer loan forgiveness. The Fund provides microloans to formerly incarcerated individuals with viable job prospects or entrepreneurial ventures, and also offers financial literacy training and coaching. The Fund also offers incentives such as a 3.0% interest rate for Automatic Clearing House (ACH) participation. Community support is also provided through local organizations and services.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
The Fountain Fund provides low-interest loans and financial coaching to formerly incarcerated people to help them build credit and achieve their goals. They have a loan program which provides access to capital to apply for a loan. Group workshops and individual financial coaching is available to help clients learn how to manage money and build credit.
| 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 THE FOUNTAIN 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.
