Learn about PENNYMAC, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.
What is PENNYMAC?
PENNYMAC is shorthand for PennyMac Loan Services LLC, with the company name being PennyMac Loan Services LLC Inc
When a team of executive leaders from various industries gathered together, they realized that customers were not being served well enough. Their mission is to build the foundation of homeowner-ship by enabling American consumers to realize and sustain their ambitions of home ownership.
PENNYMAC 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 PennyMac Loan Services 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 $154400.
⚫ The average high credit balance is $239600.
⚫ The average monthly repayment is $1000.
The account is classified under the following METRO2 categories:
- ⚫ Real estate
Here is the current contact details for PennyMac Loan Services LLC:
Address:
- 3043 Townsgate Rd, Suite 200Westlake Village, CA 91361
Website:
Email:
Phone:
Payments
PennyMac Loan Services accepts payments through various methods including credit cards, debit cards, e-check, and mortgage loan accounts. Customers can make payments online, over the phone, or through a mobile app. There are penalties for late or missed payments.
| 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
PennyMac Loan Services does not offer loan forgiveness. However, they do offer loan consolidation. To qualify for loan forgiveness, you will need to contact the Department of Financial Protection and Innovation in your state, as well as satisfy any requirements set out by the NMLS.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
You can apply for a loan online, over the phone, or in person through PennyMac Loan Services. You can also apply for a loan using a mobile app. If you need a cosigner, you can apply for a loan with one.
| 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.
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 PENNYMAC 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.
- Sample Equifax Dispute Letter
- Sample Experian Dispute Letter
- Sample TransUnion Dispute Letter
