TBOM/CONTFIN is what’s known as a hard inquiry. Hard inquiries occur when a lender pulls your credit report when applying for a loan.
Generally you can remove inquiries from your report if any of the following has happened:
TBOM/CONTFIN reviewed a copy of your credit report(s) to decide whether or not to lend to you, which appears on your report as a hard inquiry.
Lenders are required to report hard inquiries everytime they pull your credit reports because you asked for credit. They use this reporting to track how often you’re applying for credit cards, loans, etc., which in their eyes makes you a higher risk.
If you don’t recognize this company, consider what else you may have applied for around the date of the inquiry, as many times businesses will use 3rd parties to pull credit reports which regularly causes confusion.
Hard inquiries, or hard pulls, occur every time you apply for credit and a lender needs to pull your credit reports to make an informed decision whether or not to approve you.
The most common reason for these are when applying for:
You don't have to just accept a dodgy inquiry on your credit report. If an inaccurate or fraudulent inquiry from TBOM/CONTFIN appears, you have the right to dispute it. To do so, request a copy of your credit report for confirmation and then craft a letter to the corresponding credit bureau(s), outlining why you consider the entry in question to be invalid as well as providing relevant evidence.
It is essential that follow-up measures are taken with each respective agency involved until everything has been resolved appropriately. After all, sorting out errors helps ensure accurate and fair reporting of financial data in future.
Securing credit can be an intricate process, and hard inquiries on your credit score may impede that progress. To reduce the effect of hard inquiries on your credit score, there are a few strategies you may want to consider. Limit the number of applications in a short timeline or pre-qualify for offers to determine likelihood of approval.
Additionally, monitor your report regularly and research how different scoring models factor these types into calculations; with this information at hand, you'll have greater control over successful financial transactions, and better protection against unauthorized activity on your report.
Hard inquiries (like TBOM/CONTFIN) will remain on your credit report for a maximum of 2 years, regardless of whether or not your credit with The Bank of Missouri/Continental Finance was approved. Depending on the scoring model used, hard inquiries will stop affecting your score between 3 to 12 months.
If you’ve ever received a pre-qualification offer for a credit card, auto loan, mortgage, or anything else of that nature, a soft inquiry, or soft pull, was used. Unlike hard inquiries, soft inquiries have nothing to do with you requesting new credit, and as such they’re not visible to anyone except you and do not lower your score.
If the inquiry is a result of identity theft, then yes, TBOM/CONTIN can be removed from your credit report, this is something we can help with.
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