TBOM/CONTFIN: Everything You Need To Know
TBOM/CONTFIN is an acronym for The Bank of Missouri/Continental Finance. This issues Continental Finance credit cards which are for people having bad credit.
It is well known to almost all credit card users that if you apply for many credit cards in a short period, you might add up hard inquiries that can damage and lower your credit score by a few points. And applying for TBOM/CONTFIN is no exception. In this article, you will learn why you get a TBOM/CONTFIN on your credit report and how you can remove it.
What is TBOM/CONTFIN on my credit report?
Generally, TBOM/CONTFIN is a hard inquiry displayed on your credit report while applying for a new card. Therefore, they generate a hard inquiry into your credit score when applying for this credit card. In addition, you might have a TBOM/CONTFIN on your credit report because you might have applied for or already own a credit card from the issuer. The hard inquiry can drop your credit score and can be damaging if it is not removed.
How TBOM/CONTFIN appeared on credit reports in the past
The Bank of Missouri and Continental Finance have not been in business for long. Therefore, it is somewhat a new code. Continental Finance’s cards were issued by Mid-America Bank & Trust before it merged with The Bank of Missouri. You might have noticed it appears on the report as MABT/CONTFIN.
The Bank of Missouri’s other affiliates
The Bank of Missouri provides users with commercial banking products such as co-branded credit cards, including Milestone Credit Card, Total Visa Card, and First Access Visa Card. Therefore, if you have TBOM on the report and have no Continental Finance credit card, you must consider checking if you have an account with this bank or its other affiliates.
Is TBOM/CONTFIN a scam?
The TBOM/CONTFIN is not a scam since The Bank of Missouri and Continental Finance are legit credit card companies. However, suppose you see them appear on your report, it is to know that the company might have examined your credit.
Suppose you are sure that some activity on your credit report under TBOM/CONTFIN might seem inappropriate or inaccurate. In that case, there might be a possibility that you can be a victim of identity theft.
The next section will get deep into legitimate and fraudulent TBOM/CONTFIN that might appear on your report.
Why is TBOM/CONTFIN on my credit report?
TBOM/CONTFIN may reflect on the credit report for various causes. Some might be negative, and some harmless. You might see it appear even though you do not have a Continental Finance credit account.
Following are some of the reasons why you might have TBOM/CONTFIN on your report:
If The Bank Of Missouri Checks Your Credit
The TBOM/CONTFIN might appear if The Bank of Missouri checks you to examine if you should be extended credit. This check can reflect as a soft or hard inquiry.
Soft Inquiries: Soft inquiries reflect on your report when a lender or credit card company checks your report, even when you have not applied for a credit card. For instance, when you receive an offer from The Bank of Missouri through the mail, they will trigger a soft inquiry to check your report for the prequalification process.
Hard Inquiries: Hard inquiries appear when you apply for new credit cards—any card like store cards, credit cards, or installment loans. For instance, applying for a Continental Finance credit card will let the bank trigger a hard inquiry while examining your credit application.
Fortunately, soft inquiries do not affect credit scores. However, hard inquiries may drop your credit score by a few points, but its effect does not last longer than a year. The inquiry falls off completely after two years. Remember that a hard inquiry cannot be removed from the report early only if the credit bureaus do not add it by mistake.
If You Have A Continental Finance Credit Account
It will appear on your report if you have an account or have a current account on the Continental Finance credit account. Even though you close the credit account, TBOM/CONTFIN can appear on the report from seven years to 10 years. It could stay for seven years if the account were delinquent because of missed payments and if the account was in good standing for ten years.
In addition, you can also find the Continental Finance account as closed even though you have not closed it. For example, it can happen if the account has no activity. Therefore the lenders choose to close the account if you do not use it for a while.
If You Are An Authorized On Other’s Continental Finance Credit Account
You might have TBOM/CONTFIN on your account if you are being added as an authorized user to the other user’s credit account.
When a person designates you on their account as an authorized user, their activities might affect your account.
In many cases, you can benefit from being an authorized user. However, it can happen only when the primary cardholder responsibly handles the account. It can create positive history too. But if the cardholder does the opposite, you have the risk of dropping your score by several points.
Simultaneously, when you use others’ credit, your activities may affect their credit score. Therefore, it is crucial to take care of the credit responsibly when being an authorized user.
When You Are A Victim Of Identity Theft
Consider it a sign of identity theft when a TBOM/CONTFIN appears on your report without even applying for it. If you assume that someone is trying to open an account fraudulently in your name, you can consider taking the following steps:
- a.Contact The Bank of Missouri and let them know that you did not authorize the inquiry. Then request them to display the details of when and understand the condition under which they authorized the inquiry.
- If you have not authorized the inquiry, report the theft immediately to the Federal Trade Commission. You can visit www.identitytheft.gov. Then answer some of the questions, generate a report for the theft, and get a plan to recover the account.
- You can also contact the main credit bureaus and get a fraud alert on your report. Getting one of the bureaus is enough since they will coordinate with the other two bureaus and acknowledge your alert.
Furthermore, you can also opt to freeze or lock your account. After that, you must monitor your report of any fraudulent activity for over a few months.
How does TBOM/CONTFIN affect my credit score?
A TBOM/CONTFIN can affect your score in various ways. Affecting your score entirely depends on their triggering a hard inquiry or while they manage your account.
- Hard Inquiries
One hard inquiry would not have much impact, or your score might have a short-term effect. It usually drops your VantageScore by 5-10 points while the FICO score drops by 5 points. However, many hard inquiries can significantly drop your credit score.
- Open And closed Accounts
No matter if the account is open or closed, even that contributes to the score by affecting various factors. Listed are the following elements:
- Credit Mix
- Credit history length
- Payment History
If you keep your account open, it will contribute to the credit utilization rate.
How to remove TBOM/CONTFIN from my credit report?
You can remove TBOM/CONTFIN from your report by the listed methods:
Send A Dispute Letter
When you suspect TBOM/CONTFIN reported on the report is an error, you can choose to dispute it by sending the company a dispute letter. The letter should be sent to the one where the error actually originated. For example, it can be sent to:
- The Credit Bureaus: You can send the letter to the bureaus if you suppose they have made a mistake. For instance, it might have originated due to some confusion like a similarity in your name or Social Security Number.
- The Bank of Missouri: If you believe the bank made a mistake, you can send the letter to them. For instance, if the bank has reported a credit check to the credit bureaus that you have not authorized.
Furthermore, it is always ideal to send the dispute letter copies to both the bureaus and the original issuer (in this case, The Bank of Missouri). They will then contact each other while investigating your matter. In addition, ensure to send both the important details related to your inquiry.
After you have filled your dispute, they are supposed to investigate and make corrections to the wrong information on your credit report within a month or 45 days.
Hire Professional: A Credit Repair Company
When you hire a professional like a credit repair company, they act like a middleman between you, the issuer, and the issuer. They can help you remove the hard inquiry or other negative items by collecting evidence and dealing with all the communication.
However, get away from scammers. To avoid scammers, get familiar with the restrictions involved in the process. Know that by law, they cannot charge you a fee before resolving your issue. But, if you find someone doing so, hire a different company.
However, remember that a credit repair company cannot do anything that is impossible for you. They also cannot erase any valid negative item or alter your credit score from bad to good overnight. Therefore, considering a third party to remove any inaccurate details is important.
Conclusion
Removing TBOM/CONTFIN from your report is crucial since it can damage your credit score. Therefore, you can follow the steps mentioned above to remove it from your report.
