What is TBOM/TFC?
TBOM/TFC stands for The Bank of Missouri/Tidewater Finance Company, which are two separate entities that may appear on your credit report as a hard inquiry. Hard inquiries occur when a financial institution, like a bank or credit card issuer, pulls your credit report to assess your creditworthiness before granting credit or financing.
The Impact of Hard Inquiries on Your Credit Score
Although a single hard inquiry on your credit report will typically only lower your credit score by a few points, having too many hard inquiries in a short period can accumulate and cause significant damage. This is because lenders may perceive you as a high-risk borrower if you’re frequently seeking new credit.
How long do hard inquiries stay on your credit report?
Hard inquiries can remain on your credit report for up to two years. Each time you make an inquiry, one or all of the three major credit reporting agencies—Equifax, Experian, and TransUnion—record it. Note that as time passes, the impact of these hard inquiries on your credit score tends to lessen.
Options for Removing TBOM/TFC from Your Credit Report
If you want to remove TBOM/TFC from your credit report, consider the following options:
Dispute the Inquiry with the Credit Reporting Agency
Initiate a dispute with the credit reporting agency to challenge the hard inquiry. This process involves composing a dispute letter that outlines why the inquiry is incorrect and demands its removal from your credit report. While this option can be effective, it can also be labor-intensive and time-consuming.
Partner with a Credit Repair Firm
Another option is to work with a credit repair firm like Credit Saint, which specializes in removing negative marks from credit reports. They can also help you dispute and potentially remove items such as:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Action to Remove Inquiries and Improve Your Credit
If you’re struggling with bad credit and want to learn more about your options, consider a free credit consultation with Credit Saint. They have helped many people in your situation improve their credit scores.
To get started, visit their website and fill out the form to see what they can do for you. By taking action now, you can work towards a brighter financial future with a healthier credit score.
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