What does LOAN TO LRN mean on my credit report?
Learn about LOAN TO LRN, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.
What is LOAN TO LRN?
LOAN TO LRN is shorthand for EduCap Inc, with the company name being EduCap Inc Inc
As pioneers in the Student Loan Industry, Educap has several “First” including;
LOAN TO LRN is a Loan 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 EduCap Inc.
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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:
- ⚫ Education
How do I contact them?
Here is the current contact details for EduCap Inc:
Address:
- P.O. Box 651118 Sterling, VA 20165-1118
Website:
Email:
Phone:
Payments
you can make payments online via My Account website 24 x 7. You can view current or previous statements, check your current balance, sign up for Automatic Payments, make a one-time payment, change your mailing address, and receive e-mail notifications for payment due and statement availability. You can register for online account management by clicking on My Account and clicking the “ENROLL TODAY” button, registering by entering your loan account number and some basic information to verify your identity, and creating your unique user ID and password. E-Statements are free, secure, and environmentally friendly. In order to sign up for E-Statements, you must first register your account for My Account.you can make a payment using a mobile app via the My Account website. You can register your account for My Account and sign up for E-Statements to help reduce your carbon footprint.you can make a payment using a prepaid debit card by using the My Account website. You must register your account first to access this feature.you can make a payment using a wire transfer with My Account.
| 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
they do not offer loan consolidation or forgiveness. However, they do offer a loan to help you succeed in life called Loan to Learn. It is a not-for-profit organization dedicated to making education more affordable for families. To qualify for loan forgiveness, you must be enrolled in a program of study at an eligible educational institution.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
You can apply for a loan online via the My Account website 24 x 7. You will need to register your account and create a unique user ID and password. Once registered, you can view current or previous statements, check current balance, sign up for Automatic Payments, make one-time payments, change mailing address, and receive e-mail notifications. You cannot apply for a loan over a phone call, in person, or using a mobile app. You can apply for a loan with a cosigner through Loan to Learn, a program of EduCap Inc., a not-for-profit organization dedicated to making education affordable.
| 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? | No |
| Can I apply for a loan with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit 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.
What is a Loan Provider?
A loan provider is a bank or financial organization that can provide loans. In order to apply for a loan they will run a hard inquiry on your credit account which will negatively impact your credit report. They may make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.
How do I remove LOAN TO LRN 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.
