What does VERABANK mean on my credit report?
Learn about VERABANK, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is VERABANK?
VERABANK is shorthand for VeraBank, with the company name being VeraBank Inc
At VeraBank, we strive to be the preferred financial service provider in the markets that we serve. We are not much by today’s standards, but a healthy start for those times, which represents the optimism and unshakeable faith of eight men in the future of East Texas.
VERABANK 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 VeraBank.
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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:
- ⚫ Unsecured
- ⚫ Auto
How do I contact them?
Here is the current contact details for VeraBank:
Address:
- 201 W. Main St. Henderson, TX 75652
Website:
Email:
Phone:
Payments
VeraBank offers a 24-hour automated phone system with access to account balances, review transactions, or transfer money. They also have mobile apps. Payment can be made over the phone using VeraBank’s 24-hour automated phone system or by calling 903-657-8521, 877-566-2621, or 888-281-6123. Payments can also be made online through VeraBank’s mobile apps, automated phone system, or securely through Online Banking. Customers may face penalties for late or missed payments. Wire transfers can be made using the VeraBank routing number 111903151.
| 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
VeraBank does not offer loan forgiveness or consolidation. Loan forgiveness requires specific qualifications such as meeting certain income limits, having a certain loan type and other criteria. For more information, please contact VeraBank at 877-566-2621.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
You can apply for a loan online, in person, or using a mobile app. You cannot apply for a loan over the phone. You can apply for a loan 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? | 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 VERABANK 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.