Money Matters: Things You Should Know About CBNA and How It Could Affect Your Credit Scores
Any person with an unexpected inquiry on their credit card could lead them into jumping to lots of questions. They become eager to know where the query came from, or will this inquiry pose any harm to their credit score? If so, these people may be familiar with CBNA on their credit report. Thus, it is just essential to understand it and know how it could affect their account.
If you have noticed that CBNA appears on your report, it may be because you just applied for a new credit card. CBNA is an account that shows a hard inquiry to your credit history, which tends to have a big effect on people’s credit scores with a short credit history and little credit accounts. For people who are just recently starting to put up their credit, having a hard inquiry could be harmful to their credit scores.
Read below to learn more about CBNA and how it could pose harm to your credit score:
- 1 What is CBNA?
- 2 Do I have to worry if I receive an inquiry from CBNA?
- 3 What other terms and establishments does CBNA stand for?
- 4 What to do when your credit report doesn’t match your credit activity
- 5 Takeaway
What is CBNA?
CBNA stands for Citibank North America. It is a banking institution that is ranked as the fourth-largest credit card issuer in America. A credit report with a CBNA on the list denotes Citibank has administered a hard inquiry on your account.
Hard credit inquiries only happen when you have applied for mortgages, car loans, and credit cards. When a bank asks you for a credit card inquiry, it means that you applied for credit with a potential lender, and they have evaluations of your credit.
The effect of having a hard credit inquiry will pose harm to your credit scores, especially if you have a few credit accounts. They may take a few points, not exceeding five points of your score only if you have no other credit issues. Also, if you have tons of credit issues and inquiries in a short period, there’s a high chance that five points or more than that. To learn more about CBNA, check out Crediful for more valuable information.
Do I have to worry if I receive an inquiry from CBNA?
If you applied for a CBNA loan, then there is no reason for you to be anxious and worried. It is fine to have hard credit inquiries, for it is part of the process that comes when you want to apply for a new account.
On the contrary, if CBNA appears on your credit card and you don’t recall that you have applied with them, take note of the date of request and contact the company directly to confirm. Adding a security alert could also be beneficial if you are convinced that the inquiry you received was fake.
What other terms and establishments does CBNA stand for?
Credit Bureau of North America
The Credit Bureau of North America began in 2008. They are known as a debt collection company that seeks to help lenders gather an unpaid debt. To decrease the chances of having someone call you from time to time, settle your debt right away.
Community Bank, N.A.
A commercial bank, Community Bank N.A has been offering banking, financial planning, and loans for almost 150 years. They aim to help people achieve their financial goals to live a better life. They serve consumers in Vermont, New York, Pennsylvania, and Massachusetts. So, if you received an inquiry from them, there’s a high chance that you have a loan applied in those areas.
If you find yourself always going to stores and shopping, you may be familiar with Comenity Bank. They manage the stores and credit cards of famous brands such as Z Gallerie, Victoria’s Secret, Sony, and more. There’s just no wonder if you receive a store credit card if you receive an inquiry from a store.
What to do when your credit report doesn’t match your credit activity
If you notice that your CBNA report is due to suspicious activity, here are some tips you can try to stop it and protect your identity.
Reach out to the company
Call CBNA and ask them if they could show some evidence that you caused the inquiry. Try to resolve the issue by telling them that the activity was misleading, and they must be able to provide information that shows that the inquiry was warranted.
Report the suspicious activity
Suppose you’re sure that you did not cause the inquiry, file a complaint and a sworn statement. To do this, search for the Federal Trade Commissions’ website and download an identity theft form. You may also find it helpful to file a police report.
Inform the Three Major Credit Bureaus
Suppose you have finished documenting the website’s inquiry; you could now limit access to your accounts. Do this by speaking to the three major credit companies for them to take action on your credit report and if you want. Ideally, you could place a 90-day fraud alert with each credit bureaus for free.
Monitor your credit report
Monitoring your credit report helps you to remove any suspicious activity. It’s a great way to understand your credit scores and prevent any suspicious activity from happening again. You could do this by asking for copies of your credit report.
Always be aware if you have applied for any credit card so that if someone tries to use your identity, you could take the right action immediately, especially if you have not applied for one. The information above are some of the things you might want to look into that could pose harm to your credit score. You must understand your credit report and ask for help when needed for assistance and monitoring.