What does EDUCATIONAL CRED MGMT mean on my credit report?

Learn about EDUCATIONAL CRED MGMT, an student debt 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 EDUCATIONAL CRED MGMT?

EDUCATIONAL CRED MGMT is shorthand for Educational Credit Management Corporation, with the company name being Educational Credit Management Corporation Inc

EDUCATIONAL CRED MGMT is a Student Loan Debt provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.
  • ⚫ You opened an account with Educational Credit Management Corporation.
  • ⚫ Educational Credit Management Corporation bought your debt and are now trying to collect on it.
  • ⚫ You opened a credit card / loan / mortgage with this company.
  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Collection Agency/Attorney
  • ⚫ Education

How do I contact them?

Here is the current contact details for Educational Credit Management Corporation:

Address:

  • PO Box 16408 St. Paul, MN 55116-0408

Website:

Email:

Phone:

Payments

There are many ways to make a payment, including online, over the phone, and using a mobile app. You can also use a prepaid debit card, wire transfer, or check/money order. Some payment methods may have 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
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 website offers loan forgiveness and consolidation. To qualify for loan forgiveness, you must make 120 payments. To consolidate, you must have a Direct Consolidation Loan. You can consolidate multiple types of federal student loans into a single loan.

Question Answer
Do they offer loan consolidation? No

How to Apply

You can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. In some cases, you may need 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? No
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.

EDUCATIONAL CRED MGMT 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 Student Loan Debt?

Student Loan Debt is taken on fund your your education, the amount taken on debt wise is usually high with long repayment times. Due to the fact that the repayment times are so long, it increases the chance of administrative errors being made: These will permanently be reflected on your credit report. If you believe that you have been affected by any administrative errors then you should take action to fix the issues.

How do I remove EDUCATIONAL CRED MGMT 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.