What does GATEWAY MTG mean on my credit report?

Learn about GATEWAY MTG, an bank 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 GATEWAY MTG?

GATEWAY MTG is shorthand for Gateway First Bank, with the company name being Gateway First Bank Inc

GATEWAY MTG is a Bank provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Gateway First Bank.

  • ⚫ 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 $94200.

  • ⚫ The average high credit balance is $194100.

  • ⚫ The typical loan duration is 212 months.

  • ⚫ The average monthly repayment is $500.

The account is classified under the following METRO2 categories:

  • ⚫ Real estate

How do I contact them?

Here is the current contact details for Gateway First Bank:

Address:

  • 207 That Way, Ste. C Lake Jackson TX, 77566

Website:

Email:

Phone:

Payments

How to make a payment, monthly payment plan, payment refund, phone payment, online payment, automatic payment discount, check or money order payment, mobile app payment, late or missed payment penalties, prepaid debit card payment, wire transfer 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? 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

loan forgiveness is not offered. the company offers loan consolidation services. They specialize in consolidating multiple loans into one, making payments easier to manage. loan forgiveness is available to borrowers who meet certain eligibility criteria. Generally, borrowers must be employed in an eligible profession, have made 120 qualifying monthly payments, and have a remaining balance on their loan at the time of application. Additionally, borrowers must be enrolled in an eligible repayment plan and have loan obligations that are not in default.

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

How to Apply

Yes. You can apply for a loan online, over the phone, or in person. You can also apply for a loan using a mobile app. If you have a cosigner, they can help you get approved for the loan.

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.

GATEWAY MTG 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.

What is a Bank

A bank is an institution where money is kept for saving or commercial purposes. They are able to offer Loans and Mortgages which means they have the ability to report on your credit. Banks are generally felt as untrustworthy (30% confidence rating in the USA) by the general public. Banks can make mistakes on your credit report which may lower your credit score, potentially damaging your credit report and costing you money.

How do I remove GATEWAY MTG 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.