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Did you recently apply for a credit card? If so, then CBNA most likely appears on your credit report.
What does this mean? What exactly is CBNA? These are all questions racing through your head right now. Fortunately, in this article, we will tell you what CBNA is, and whether or not you need to worry about this hard inquiry on your credit report.
What is CBNA?
CBNA – also known as CitiBank North America – is one of the largest credit card issuers in North America. In fact, it is currently the fourth largest card issuer in the United States.
From Best Buy to L.L. Bean and even Exxon Mobil, CBNA is the largest supplier of branded credit cards. They partner with iconic American brands to supplement their financial desires and goals.
However, CBNA is not the only name it can appear as on your credit report. Here are a few other variations:
- Comenity Bank: As we stated earlier, CBNA partners with large corporations to create co-branded credit cards. In particular, Comenity Bank delivers store credit cards. So, if you recently applied for a store credit card, then you have nothing to worry about.
- Credit Bureau of North America: This is the debt collecting arm of CBNA. So, if you missed a credit card payment or a bill, you can expect to see this name variation appear on your credit report.
- Community Bank NA: This name is appearing if you reside in New York or Pennsylvania and are tapping CBNA for small business banking solutions, such as applying for a personal loan.
As you can see, CitiBank North America provides tailored financial services to various industries. But why is it on my credit report?
Why is CBNA on My Credit Report?
If you recently applied for a store or brand credit card, then CBNA is listed on your credit report because they made a hard inquiry into your credit history.
A hard inquiry takes place whenever you apply for a credit card. Why? 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.
How Long Does a CBNA Hard Inquiry Stay On My Credit Report?
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.
What to Do If You Did Not Authorize A CBNA Hard Inquiry
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. Like we said, they are the nation’s fourth-largest credit card issuer. 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.
#1. Contact CBNA Directly
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.
#2. Formally Report Fraudulent Activity
The U.S. Government and judicial system take identity theft very seriously – rightfully so. This is not a joke. If this is truly fraudulent activity, then report it here immediately.
Additionally, freeze your credit card and let your financial institution know about the situation. If need be, also file a report with your local police department. They may be able to support your efforts and add value.
#3. Use A Credit Monitoring Service
In our day and age, it is clear that consumers need to monitor their credit. With just a few keyboard strokes, a person with the wrong intentions can steal your identity and get immediate access to your financial accounts.
They can steal your money, charge your credit card, and more. Surely, this will turn your world upside down.
The best credit monitoring services will help you protect your identity and will notify you of any suspicious activity. It is well worth the investment.
Is it Bad to Have CBNA On My Credit Report?
It is not bad to have CBNA on your credit report if you recently applied for a credit card. However, if you did not apply for one, then it warrants further investigation.
It could either be an error on CBNA’s end or an early sign of fraudulent activity.
If you find yourself in this position, then it is best to be proactive and investigate the issue further.
Bottom Line: What is CBNA On My Credit Report?
CBNA is a hard inquiry on your credit report. It will temporarily drop your credit score; however, over-time it will recover and return back to its normal level.
Do not worry about this entry on your credit report if you just applied for a credit card. This is normal!