What does LOANDEPOCO mean on my credit report?
Learn about LOANDEPOCO, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.
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What is LOANDEPOCO?
LOANDEPOCO is shorthand for loanDepotcom LLC
, with the company name being loanDepotcom LLC Inc
LOANDEPOCO is a Loan Provider
. They could be on your report for a number of reasons, for example:
-
⚫ You missed a repayment.
-
⚫ You opened an account with loanDepotcom LLC.
-
⚫ You opened a credit card / loan / mortgage with this company.
-
⚫ Someone fraudulently opened a credit line under your name.
About the account
-
⚫ The average account balance is $170400.
-
⚫ The average high credit balance is $360400.
-
⚫ The average monthly repayment is $600.
The account is classified under the following METRO2 categories:
- ⚫ Real estate
How do I contact them?
Here is the current contact details for loanDepotcom LLC:
Address:
- 17822 E. Seventeenth St, Suite 300 Tustin, CA 92780
Website:
Email:
Phone:
Payments
LoanDepot.com offers several payment options for purchasing a home. Traditional financing typically requires a down payment of 10-20%, but other loan programs, such as FHA, allow for as little as 3.5%. A home inspection is not required but highly recommended. There are potential penalties for late or missed payments. Wire transfer is an accepted method of payment.
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? | Yes |
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
loanDepot.com offers loan forgiveness and consolidation. To qualify for loan forgiveness, you should use an affordability calculator to determine the purchase price and loan amount that is comfortable for you. You may need to put down a minimum of 10-20% of the purchase price, but there are loan programs with lower down payments available. It is recommended to obtain the services of a professional qualified inspector to determine the condition of the home.
Question | Answer |
---|---|
Do they offer loan forgiveness? | Yes |
Do they offer loan consolidation? | Yes |
How to Apply
You can apply for a loan online, over the phone, or in person. Most conventional loans require a down payment of 10-20% of the purchase price, but there are some loan programs that require a lower down payment. An inspection is not required, but it is a good idea to obtain the services of a qualified professional inspector to check for structural and mechanical problems.
Question | Answer |
---|---|
Can I apply for a loan online? | Yes |
Can I apply for a loan over a phone call? | Yes |
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 |
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 LOANDEPOCO 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.