Many people are not familiar with the term CBNA. So it’s common to be concerned if you see CBNA on your credit report. What is CBNA on a credit report?
The acronym CBNA stands for Credit Bureau of North America. You might have an unpaid bill that CBNA is trying to collect.
CBNA is also an acronym for Citibank North America, one of the biggest issuers of credit cards in the United States. So, CBNA could also mean that a credit inquiry has been pulled on you by Citibank.
CBNA appears on your credit report when a credit card company or a bank pulls a hard inquiry on you. That means the bank or the card issuer is doing a credit review on you; maybe you applied for a credit with them.
Read on to learn more about the meaning of CBNA, why it appears on your credit report, and what you should do if you see CBNA on your credit report.
What Is CBNA on a Credit Report?
There are several meanings to CBNA. It can stand for Citibank North America, one of the largest credit card issuers in the United States. But if you find CBNA in your credit report, it refers to the Credit Bureau of North America. It probably appeared because there’s an unpaid bill that they are trying to collect from you.
If CBNA appeared in a Citibank report, it could mean they have pulled a credit inquiry on your credit record. When this card issuer pulls a hard inquiry on you, they conduct a review of your credit, maybe because you have applied for a CBNA credit card or a loan with them.
So, CBNA is a term that indicates an entity is making a hard inquiry of your credit history. You don’t need to worry if this acronym appears on your credit report after applying for a credit card, a car loan, or a mortgage.
The situation will differ if CBNA appears on your credit report, but you have not applied for a CBNA credit card or any other credit card issuer. Then, you need to do something quickly so that CBNA will be erased from your credit report.
What Is CBNA?
There are several meanings to CBNA. Most people know what CBNA means, but not all know that this term can refer to several entities. Here are all the meanings of CBNA:
1. Credit Bureau of North America
This is the most common meaning of CBNA. It is a collection agency that pursues collecting debts on behalf of its clients or third-party companies. If this type of CBNA appears on your credit report, most likely, they are trying to collect from you an unpaid bill. So, you can expect calls from them to induce you to pay your overdue bill.
2. Citibank North America
This is probably the second most-used meaning of CBNA in the United States. It refers to Citibank North America. You will see this appear on your credit report if you have applied for a credit card with them. When you see CBNA on your report, you can be sure they are conducting a review of your credit history as a process of assessing your credit risk.
3. Comenity Bank
CBNA could also appear on your credit report if you have applied for a store CBNA credit card at one of their client stores. This bank offers credit review services for big consumer brands such as Victoria’s Secret. They help these stores manage their store credit cards.
4. Community Bank NA
This is another bank that offers business and personal banking services to New York residents in Pennsylvania. Your credit report may show CBNA if you have applied for a line of credit or a loan with them. If your report has a CBNA on it, it likely refers to a hard inquiry into your credit record before your application is approved.
When and When Not to Be Concerned With CBNA on Your Credit Report
If you are using credit for your business or even for your personal consumption, and you are applying for a loan or an extension of your credit to a bank or a card issuer, you should not be surprised if CBNA appears on your credit report. There is no need to worry if this is the case.
Your credit application is just undergoing the process of approval. Included in the process of approval is a hard inquiry on your credit history. All lenders perform this kind of inquiry on all applications for a new credit account or a credit line extension.
A Hard Inquiry Harms Your Credit Report
A hard inquiry harms your credit report. Generally, for most people, this kind of inquiry will reduce their credit points by 5 points. So, if you have a short credit history or just a few credit accounts under your name, getting a hard inquiry will adversely affect your credit score.
You can write the bank or the card issuer and ask them to remove the credit inquiry from your credit report. However, they won’t always give in to this request, especially if it is a legitimate inquiry.
However, when you know that you haven’t applied for a credit card or a loan or an extension of your credit line, and CBNA appears on your report, that’s a cause for concern. Something happened that caused this CBNA term to appear.
You need to take action immediately. It could be the lender’s mistake, or it could be a case of fraud. You need to dispute the entry of this acronym in your record to the lender or the card issuer.
Difference Between CBNA Hard Inquiry and Soft Inquiry
There are two kinds of CBNA credit inquiries. One is the hard inquiry, and the other is the soft inquiry. How is a hard inquiry different from a soft inquiry?
CBNA Hard Inquiry
If you are applying for a new line of credit or a credit card, the card issuer will examine your credit history. They need to know if you are worth the risk so they will conduct this background check. If you are a good risk, they will approve your application. If not, they will disapprove of it.
A background check in this context is considered a hard inquiry. The name of the card issuer might appear on your credit report if they did the checking. This kind of inquiry is more exhaustive.
In this scenario, the card issuer or the bank will have access to a complete record of your credit history. The information they will gather will help them evaluate your qualification as a borrower. In most cases, this is the primary reason they will approve or disapprove your application.
Potential lenders can also request to have access to your TransUnion, Experian, or Equifax reports. The credit scores that you have with these three platforms can affect your application.
Hard inquiries usually stay on credit records for two years. Getting a hard inquiry may cause a slight hit on your credit score. It can be worse if multiple card issuers simultaneously make hard inquiries on your credit history, especially if it already has some negative entries.
In other words, when applying for loans and credit card applications, limit the number of applications you are processing at any one time. Apply only with potential lenders that you have greater chances of being approved.
CBNA Soft Inquiry
A potential lender conducts a soft inquiry when they want to pre-qualify you for their credit card offerings. When they are doing this background check, a CBNA inquiry will also appear on your credit report.
But unlike a hard inquiry, a soft inquiry will not hurt your credit score. So, there is no need for you to worry if you see this acronym on your report. If CBNA appears on your credit report as the result of soft inquiries, you will be able to know the potential lenders that are checking your credit record.
An inquiry is also considered a soft inquiry if the company is checking the record of a person online. You are also performing a soft inquiry if you are comparing quotes online. In general, when a card issuer or a bank completes a soft inquiry on an individual, it will most likely be followed by a hard inquiry.
Again, what is CBNA? The acronym CBNA stands for Credit Bureau of North America. You might have an unpaid bill that CBNA is trying to collect. CBNA is also an acronym for Citibank North America, one of the biggest issuers of credit cards in the United States. So, CBNA could also mean that a credit inquiry has been pulled on you by Citibank.
How Long Does CBNA Remain on Credit Report?
Like all hard credit checks, CBNA will remain on your credit report for as long as two years. If this term appears on your report, your credit score may drop around 5 points. The exact number of points may also vary. But your credit score may also recover even before the inquiry is erased.
If you did not apply for a co-branded CBNA credit card, and CBNA appears on your report, you need to investigate why. This could be a sign that somebody is stealing your identity or someone is trying to commit fraud.
Is CBNA Bad For Your Credit Report?
It depends. If you have recently applied for a credit card or a credit line extension, it is not bad. But if you didn’t, then there’s something wrong going on. It could mean CBNA committed an error on their end, or it could be someone is committing identity theft.
You need to investigate. Be proactive if you are faced with this situation. You need to act quickly and contact the right person or concerned party. Dispute the CBNA so that they can remove it from your credit record.
If you see an unexpected CBNA on your credit record, you need to dispute it. But before doing this, be sure that you haven’t applied for a credit card, credit extension, or something else with a credit card company or bank. Here is how you can dispute a fraudulent CBNA:
1. Call the Company That Made the Inquiry
When you see the term CBNA on your credit report, call the company that initiated the inquiry immediately. Ask them to prove that it was really you who prompted the inquiry. If they can’t show any proof, ask them to notify the three major credit bureaus of the error and to erase the inquiry from your account.
2. Record the Fraudulent Inquiry
Visit the website of the Federal Trade Commission and download the Identity Theft Complaint and Affidavit form. Complete this form and send copies to credit bureaus, creditors, and banks to explain fraudulent inquiries and fraudulent credit transactions. If the situation is dire, you can also choose to file a police report. The point is you need to document the circumstances of the CBNA.
3. Notify the Three Major Credit Bureaus
Call the three major credit bureaus individually about the matter. You need to place a credit freeze on your credit report. This will restrict access to your account. It will also limit new inquiries that some parties may request.
4. Dispute the CBNA with the Three Credit Bureaus
Call the three major credit bureaus or send them an email or a formal notice of your dispute. You must prove to them that the inquiry is unauthorized and fraudulent. If this is proven, the inquiry will be removed. But it may take several communications before they are removed.
5. File a Fraud Alert at the Three Credit Bureaus
You can file a free, 90-day fraud alert with the three credit bureaus individually. This alert will inform creditors to check your identity using extra steps before extending credit under your name.
Conclusion: CBNA Credit Report
The acronym CBNA can mean a lot of things. It could mean Citibank North America, the fourth-largest issuer of credit cards in the US. However, if you find CBNA on your credit report, it stands for Credit Bureau of North America. More than likely, this bureau is trying to collect from you an unpaid bill.
CBNA can also appear if you have applied for credit with a card issuer or a bank. If this is the case, they will conduct a review of your credit. To do that, they will pull a hard inquiry on you.