What is BK OF AMER?
BK OF AMER is an abbreviation that appears on credit reports, representing Bank of America, one of the largest banks in the United States. The term simplifies the information displayed on credit reports and helps to streamline communication between credit bureaus, lenders, and consumers.
Why is BK OF AMER on my credit report?
You might see BK OF AMER on your credit report due to a hard inquiry that occurs when you apply for any of Bank of America’s financial offerings. Here are some specific situations in which BK OF AMER might show up on your credit report:
Applying for a Bank of America Credit Card
Bank of America provides a variety of credit cards tailored to different consumer needs, such as cashback, travel rewards, or low-interest cards. When you submit an application for a Bank of America credit card, the bank will perform a credit check, which results in a hard inquiry appearing on your credit report as BK OF AMER.
Requesting a Loan or Line of Credit
When you apply for a personal loan, mortgage, or line of credit from Bank of America, the bank will conduct a credit check. This process will also result in a hard inquiry on your credit report, identified by the BK OF AMER abbreviation.
Opening a Bank Account
Although not as common, sometimes applying for a checking or savings account with Bank of America might lead to a hard inquiry, depending on the specific account requirements. In such cases, the hard inquiry will also be listed on your credit report as BK OF AMER.
Hard Inquiries Explained: Credit Checks for New Credit
A hard credit inquiry is initiated when you apply for new credit, and the lender or creditor conducts a credit check to assess your creditworthiness. This type of inquiry may arise from various situations. Examples include applying for a mortgage, renting an apartment, taking out a car loan, applying for a credit card, obtaining an insurance policy, signing up for a cell phone plan, or even certain job applications.
Although hard inquiries usually cause a minor dip in your credit score, accumulating too many within a short time frame can significantly damage your score and hinder your ability to secure new credit.
Soft Inquiries: Credit Checks without Impacting Your Credit Score
On the other hand, a soft inquiry takes place when a company reviews your credit history as part of a background check or when a credit card issuer or lender evaluates your credit to preapprove you for an offer. Existing creditors might also perform a soft inquiry to monitor your ongoing credit performance.
Soft inquiries do not affect your credit score, allowing you to maintain your credit rating without negative repercussions.
How long do hard inquiries stay on your credit report?
Hard inquiries typically remain on your credit report for up to 2 years. Whenever you initiate an inquiry, it is documented by one or more of the three major credit bureaus: Equifax, Experian, and TransUnion.
Handling Unrecognized Inquiries
If you discover a BK OF AMER inquiry on your credit report that you don’t recall initiating or are confident that you didn’t request, it’s crucial to contact Bank of America and inquire about the suspicious inquiry. The creditor’s name should appear under the ‘Hard Inquiries’ section on your credit report.
Bank of America Contact Information
Address:
Bank of America Corporation
100 North Tryon Street
Charlotte, NC 28255
Phone number: (800) 432-1000
Can BK OF AMER be removed from my credit report?
Lexington Law is a credit repair firm that specializes in removing inquiries and other derogatory marks from credit reports. With more than 18 years of experience, they successfully achieved over 6 million removals for their clients in 2021 alone.
Lexington Law can also assist in disputing (and possibly erasing) the following negative items from your credit report:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Taking Action to Restore Your Credit
If you’re struggling with poor credit, consider scheduling a free credit consultation with Lexington Law. Their extensive experience and expertise in assisting individuals in similar situations can provide valuable guidance and support.
Visit their website and complete the form to find out how they can help you.
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