This article discusses “What Is TBOM/TFC On The Credit Report?” You will also get to know how you can remove the TBOM/TFC from the credit report. This article will also share information on who issues the TBOM and is it a scam? You’ll know everything here in this article.
TBOM/TFC stands for The Bank of Missouri/Tidewater Finance Company and is a credit report code. TBOM/TFC could appear on your credit report as a hard inquiry. This is when you apply to finance or credit. Hard inquiries will usually affect your credit score by a few percentage points. If you have too many of these inquiries, especially over a short period, it can cause damage to your credit score.
Why Is TBOM/TFC On My Credit Report?
If you have a Bank of Missouri credit card, you might see TBOM on credit reports. Further, the bank offers credit cards and credit products to retailers. You might not know that The Bank of Missouri issues credit under different names.
Credit servicing companies partner with the bank to issue various credit products. Moreover, none of these credit products brand with their name. These companies include:
- Continental Finance
- Genesis Financial Solutions
- Home Credit US, LLC
Also, if you read the terms and conditions, you may notice that the bank is on the credit card/line of credit issuer list. These are possible reasons that TBOM might show up in your credit reports.
- Hard and Soft Inquiries
The financial institution will usually review your credit history before granting you credit. In addition, this could lead to a hard inquiry or a hard credit draw placed on credit reports. TBOM could result if you have recently applied for a line of credit. If you have not applied for a line of credit, but TBOM still shows up as a hard inquiry, it indicates identity theft.
TBOM reviews your credit reports to send you prequalified credit offers. This could lead to a soft inquiry. There is a difference between a hard and a soft inquiry. The former can have a small but negative impact on credit scores.
- Authorized Users
Have you ever permitted a family member or friend to add you as an authorized user to their credit card? You’ll be able to use the credit card and line of credit. Further, this allows you to borrow the credit card or line of credit from the primary account holder. Furthermore, the authorized user will benefit if the cardholder pays on time and manages credit well. TBOM may have issued their credit card, explaining why TBOM appears on credit reports.
- Active or Closed Lines Of Credit
You may have had an account with TBOM owned by another financial service company before. This could be why TBOM appeared on your credit reports. Your account history will not change, but your bank’s name and account number may.
- Auto Loan by Tidewater Finance
Suppose you have had or are currently owing an auto loan from Tidewater Finance. TBOM/TFC will appear on your credit report. Lenders report monthly loan payments to one of the major credit bureaus. Even if your loan has been paid off, your account information may remain on your credit report for up to 7 years (for late payments or negative marks) or for ten years (for accounts that are in good standing).
How Can I Remove TBOM/TFC From Credit Reports?
You can delete TBOM/TFC credit reports using one of these methods.
- Send a Dispute Letter
You can dispute under TBOM/TFC on your credit reports. So suppose you believe that Tidewater Finance caused the error. If they reported a late payment, you paid on time, send them a letter.
It is good for both the bureaus and Tidewater Finance to receive copies of the letter. As they investigate the matter, they may contact each other. In addition, everyone must have the correct information. After you file your dispute, the credit bureau will investigate the information. Usually, this takes between 30-45 days.
- Use a Credit Repair Company
Credit repair companies will be able to act as intermediaries. It also includes your lender or the credit bureaus. A credit repair company will get a hard inquiry or TBOM/TFC on your credit report. Further, they will help you gather evidence and handle all matters.
Be wary of scammers. Credit repair companies cannot charge you for services they have rendered. Hire a different company if they ask you for upfront payment. In addition, hiring a credit repair firm can help you save time and hassle when disputing credit reports. They won’t be able to erase negative information or make a bad credit score good overnight.
What to Do If You Don’t Recognize an Account on Your Credit Reports?
If TBOM still appears on your credit reports, it may be an error or a sign that you are identity stolen. In addition, to find out why TBOM is showing up in your credit reports, we recommend that you contact The Bank of Missouri.
It is a great way to identify potential fraud and errors in your credit reports. Further, you can also choose to freeze your credit if you are looking for a proactive solution. Furthermore, it prevents criminals from opening new accounts under your name.
Is TBOM/TFC A Scam?
No, TBOM or TFC on your credit report does not signify that you have been a victim of identity theft. In addition, if you see their name, it most likely means that you have an account or that they have examined your credit. There’s probable identity theft if there is activity on your credit report under TBOM/TFC.
Which Credit Cards Is TBOM Issuing?
There are dozen credit products that are not branded with The Bank of Missouri but issued by them. Further, you can see the acronym TBOM on your credit reports if you have one of these products.
- Cerulean Mastercard
- TOTAL Visa Credit Card
- Milestone Gold Mastercard
- Ollo Rewards Mastercard
- Ollo Platinum Mastercard
- First Access Visa Card
- FIT Mastercard
- Helzberg Diamonds Private Account
- Verve Mastercard
- Fortiva Credit Card
- Sprint Credit Card
The Bank of Missouri issues a few cards under its brand.
- Premier Rewards American Express Card
- Visa Real Rewards Card
- Visa College Real Rewards Card
- Cash Rewards American Express Card
- Visa Platinum Card
- Visa Secured Card
Keep in mind that these lists aren’t thorough, so it’s worth exploring whether TBOM issued any of your cards.