CBNA Collections on Your Credit Report? Fight Back and Win

Last Updated:
July 20, 2023

If you've recently applied for a new credit card or loan, you may have noticed that your credit report reveals a CBNA entry. This is nothing to be alarmed about - it simply indicates that the lender is making a hard inquiry into your financial history. But in the case of an unexpected CBNA on your record, more investigation may be required to make sure no one else has accessed your financial information.

If you don't recognize the account, it could mean someone gained access to your records, which can lead to potential future problems and damage done to your credit score. Taking quick action at any signs of unauthorized activity is key and can help you protect yourself from unwanted intruders on your financial data.

Who is CBNA and What Do They Do?

Your credit report often includes many abbreviations and acronyms that can be difficult to decipher - including CBNA. The majority of the time this will refer to Citibank North America, which is the one of the largest credit card issuers in the country. However, it could also mean Credit Bureau of North America, Community Bank N.A, or Comenity Bank.

Each one of these has different services and impacts on your credit report. Credit Bureau of North America is a collections agency that attempts to extract payment on overdue accounts, while Community Bank N.A offers banking services like savings accounts, checking accounts and mortgages - all of which are expected to show up on your credit report in various ways.

Finally, Comenity Bank specializes in issuing store branded credit cards which could reflect positively or negatively on your credit score depending on the financial habits associated with their use. Understanding what CBNA stands for can help you make better decisions about how to use and manage your own finances going forward.

What Are Hard Inquiries on My Report?

A hard inquiry is a formal request made by lenders to access your credit report in order to review the information contained within. This will detail any outstanding amounts that are owned and provide greater insight into how well you manage your money in the past. Through this, they can accurately measure the risk associated with offering you a loan or existing line of credit.

A low credit score may indicate poor financial management and lead lenders to deny your application or increase interest rates as a precautionary step. This is why it pays to be mindful of any/all bills that you have, as any missed payments may come back to haunt you down the road.

How Long Do Hard Inquiries from CBNA Remain on My Credit?

A hard inquiry from CBNA or other lenders typically stays on your credit report for around two years, and it may affect your credit score for a few months. It’s important to keep in mind that having too many inquiries in a short time period can cause a bigger impact on your score.

Aside from credit inquiries, there are other factors that you must be mindful of in order to maintain a clean credit score such as payment history, length of credit history, credit utilization rate, and the variety of credits under your name.

What if I Never Applied for Credit with CBNA?

If you find a CBNA entry on your credit report and you haven't applied for any credit recently, chances are you may have fallen prey to an identity thief. Anyone with access to your Social Security information can take out loans or apply for credit cards in your name, and this could wreak havoc on your financial health.

However, the entry may also be the fault of the credit card company itself - mistakes do happen and filing a dispute right away is the best action to take. Here are the steps you can take to address a credit account that is either inaccurate or fraudulent:

  • File a dispute with the credit reporting bureaus directly. Submit your dispute in writing, along with any supporting documentation, through either mail, online, or fax. Be sure to keep a copy of your dispute letter and all documents submitted for your records.
  • Ask for an alert from the credit bureaus. This will notify potential creditors that you may have been a victim of fraud or identity theft and prompt them to take extra precautions before opening new accounts in your name. These alerts typically last for one year and can be renewed if necessary.
  • Freezes can also restrict access to your report, making it more difficult for unauthorized parties to open new accounts in your name. Keep in mind that they may require a fee and may delay or obstruct your own credit applications.
  • Consult with an attorney. A legal professional familiar with consumer protection law can help you navigate the dispute process and ensure all potential avenues are explored - as well as provide assistance representing you in court if litigation is necessary.

Once your dispute has been submitted and processed, the credit reporting agency is legally obligated to investigate the matter and make necessary corrections. Upon completion of the investigation, the CRA will inform you of the outcome, and if the dispute is resolved in your favor, they will remove the fraudulent collections account from your credit report.

Remember that credit repair takes time, and it's essential to remain diligent and proactive in monitoring your credit to protect against any future instances of fraud or identity theft.

Contact Us For Your Free Case Review

At Fair Credit we do everything we can to protect our clients from further harm while providing reliable financial guidance and support. Our team of certified consumer law attorneys are ready to take on any challenges posed by the debt collectors and create the best possible outcome for your individual circumstances. 

Our services also come with free initial assessments to ensure you’re making a smart decision for yourself - one that puts control of your finances back in your hands. Contact us today and let us help you end this cycle of financial stress once and for all.

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