What is THD/CBNA On My Credit Report?

Did a hard inquiry from THD/CBNA bring down your credit score?

THD/CBNA represents the Home Depot card from Citibank.

Whenever you apply for a retail credit card, it can lower your credit score by a few points and result in a new entry being added to your report.

In most cases, that’s nothing to worry about. However, if you’ve never applied for a Home Depot card, it shouldn’t be on your report.

Read on to learn more about how a hard inquiry from THD/CBNA could impact your credit and get a few pointers for getting fraudulent entries off your report.

What Is THD/CBNA On My Credit Report?

THD/CBNA specifically stands for The Home Depot/Citibank North America.

Citi is a popular bank that provides credit cards for a wide range of retail stores like The Home Depot.

With The Home Depot, in particular, Citi offers four credit options:

Consumer Credit Card
Commercial Revolving Charge Card
Project Loan
Commercial Account

When you apply for any one of these cards, loans, or credit accounts, you authorize Citibank to run a hard credit check.

You could also get a hard inquiry if you consent to be an authorized user for a friend or family member with one of these accounts.

If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.

Ask Lex Law for Help

How Does a Hard Inquiry Affect Your Credit Report?

Credit inquiries are one of the least impactful entries on your credit report.

That’s especially true for soft inquiries, which do no damage to your score. If you tried to get pre-qualified for a card from The Home Depot, your report may have undergone a soft pull.

If you took it a step further and applied for a card or loan from the retailer, the THD/CBNA entry on your report is a hard inquiry.

Hard inquiries allow businesses like Citibank and The Home Depot to vet applicants, giving them an in-depth look at their history of using credit.

With a hard inquiry, a lender might access one, two, or each of your three credit reports. That means any of your scores could be lowered as a result of the inquiry.

The good news? Hard inquiries only lower your score by a couple of points, and they fall off of your credit report in two years.

That being said, having several hard inquires can suggest that you rely pretty heavily on loans and credit cards and could make you a less appealing applicant to future lenders.

But having a few inquiries on your report is completely normal and shouldn’t worry you too much.

If you’re concerned about having too many hard credit checks, do a little research before your next application.

A lot of lenders are upfront about their basic score requirements and approval odds, helping you to sidestep any unnecessary inquiries.

How to Get THD/CBNA Removed from Your Credit Report

If you applied for a card or loan from The Home Depot or agreed to be an authorized user, then the hard inquiry on your report is legit.

But if you don’t recall doing either of those things, an inquiry from the retailer is cause for concern.

Unwarranted inquiries could be the result of a reporting error, or they could suggest that someone is using your identity fraudulently.

Either way, you’re covered. Here are a couple of tips that can help you get a mysterious hard inquiry off your report.

Dispute the Inquiry with CitiBank and the Bureaus

The Fair Credit Reporting Act was created to ensure that credit reports are fair and accurate.

It allows you to dispute hard inquiries you didn’t consent to.

First, you should start by getting all the details you can from Citibank regarding the inquiry, asking for proof.

From there, you need to file a dispute with the bureaus.

When you file a dispute with the bureaus, they should launch an investigation into the entry. If it does prove to be an error, the entry will be deleted from your account.

If you suspect someone used your information to open an account with The Home Depot, you can additionally go to identitytheft.gov to report it with the FTC.

You may also freeze your credit reports, alerting the bureaus to the identity theft.

Track Your Credit Report

Every year, you can get a free copy of your credit report at annualcreditreport.com. But you shouldn’t stop there.

We recommend signing up for credit monitoring. There are a handful of excellent credit monitoring apps, with both free and more advanced paid versions.

Apps like Credit Karma come with several nifty features, like:

Regular score updates
Notifications of new items on your report
Resources for filing disputes
Suggestions for improving your score
A breakdown of your report
Pre-approval offers and card recommendations

Regularly checking your credit can be crucial to catching identity theft in time to stop it from doing serious damage to your credit.

It can also help you to clear up reporting errors quickly and efficiently, along with providing all the bonus features listed above.

Work with a Credit Repair Company

If you don’t have the time or energy to deal with credit bureaus and lenders about an inquiry you never authorized, let a credit repair company help.

Credit repair specialists can help with disputing inaccuracies on your report and get them removed.

They can also assist you with a range of credit issues that have more of an impact on your score, such as:

Whatever issues are plaguing your credit report, there are several top-notch credit repair companies that can get you back on track.

Dealing with THD/CBNA on Your Credit Report

As you can see, getting an inaccurate entry deleted from your credit report is a simple process.

While you may not be able to get an inquiry off your report after applying for a new credit card, you also don’t have to worry about it doing extreme damage to your credit.

Unlike a collections account, which can stay on your report for seven years, a hard inquiry will be off in two, barely lowering your score during that time.

Instead of getting down about hard inquiries, try to use credit in a way that bolsters your score, like paying your accounts on time, keeping your credit utilization low, and having a variety of credit accounts.

If your score could use some serious work, consider hiring a credit repair company to help.

The post What is THD/CBNA On My Credit Report? appeared first on Better Credit Blog | Credit Help For Bad Credit.

Original Article Posted at : https://bettercreditblog.org/thd-cbna/

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