A hard inquiry takes place whenever you apply for a credit card. The financial institution wants to ensure you can make payments and are creditworthy. While a hard inquiry will temporarily bring down your credit score, it is not permanent. In fact, there is nothing you need to do on your end if you recently applied for a credit card. In due time, the hard inquiry will eventually fall off your credit report, and your credit score will return to its normal level. Related : Hard Inquiries vs Soft Inquiries.
Just like any other hard inquiry, CBNA will remain on your credit report for up to 2-years. Your credit score will only drop about 5-points subject to vary but will recover before the hard inquiry is removed. However, if you did not apply for a co-branded credit card, and CBNA still appears on your credit report, then you need to investigate further.
This could be an early sign of fraudulent activity or identity theft. If you did not authorize a CBNA hard inquiry, then you need to move quickly. The last thing you want to be is a victim of identity theft. But this could also be a mistake made by CitiBank North America. One of their representatives may have mistyped a name or entered the wrong social security number. Here are the steps you need to take to identify why CBNA appears on your credit report if you did not authorize a hard inquiry.
The first thing you need to do is contact CitiBank North America directly. Speak to a representative, and ask them to provide specific documentation that states you authorized a hard inquiry.
This could be a recent loan or credit card application. If CBNA cannot verify the hard inquiry, then they must contact all three credit bureaus and remove the negative item from your credit report.
However, if CBNA provides documentation and you did not fill out that application, then you need to document any and all fraudulent activity taking place. Let CBNA know that you suspect this to be fraudulent activity.
A hard inquiry occurs any time you apply for new credit and the lender or creditor runs a credit check. It can be for a mortgage, apartment, car loan, credit card, insurance policy, cell phone, and sometimes even a job application. Hard inquiries will typically only drop your credit score by a few points. However, if you have too many, especially in a short period of time, they can really start to add up and do some damage.
A soft inquiry occurs when a creditor checks your credit without your permission. One of the most confusing inquiries on credit reports is for CBNA. If you see the letters CBNA on your credit report, that means that Citibank has pulled a credit inquiry on you.
Hard credit inquiries do adversely affect your credit report. For most consumers, a hard credit inquiry will take less than five points off their reports. If you only have a few credit accounts or a short credit history, however, a credit inquiry may hurt your credit score more.
Having many hard credit inquiries in a short space of time will also hurt your credit score. Hard credit inquiries are a part of the process that comes with applying for a new credit account.
You can write to the institution to ask them to remove the credit inquiry from your report, but they won't always do so, especially if the inquiry isn't fraudulent. You should attempt to settle your debt by paying it off. Start with these five steps to make sure your identity is secure. The first thing to do is to contact the company that made the inquiry.
Call the company associated with the inquiry and ask them to prove that it was you that triggered the inquiry. These can be sent to banks, creditors, and credit bureaus in order to explain the inquiry and any other fraudulent credit activity. After documenting the inquiry with the Federal Trade Commission, you should place a credit freeze on your credit report, which restricts access to your accounts and limits the new inquiries that can be made.
You need to contact all three credit companies individually. You can also place a free, 90 day fraud alert with each of the three credit bureaus. This alert tells creditors to verify your identity through extra steps before extending credit in your name. The best way to dispute an unexplained inquiry is to call the credit bureau or mail a formal notification of your dispute, proving that the inquiry was fraudulent and unauthorized.
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