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JPMCB, a third-party debt collecting agency, is affiliated with JPMorgan Chase Bank, more commonly referred to as Chase. Chase is one of the largest and most widely used national banks today. They offer checking and savings accounts, debit cards, credit cards, and also loans. Despite their popularity, many consumers unassumingly come about a hard inquiry on their credit reports. And, you guessed it, it’s at the hands of JPMCB. If you don’t know where this inquiry came from, you’re not alone.
It is unlikely that one hard inquiry from a credit card application will harm your credit. But, multiple hard inquiries within a short period of time will ultimately hurt your credit report. If you have a hard inquiry on your report from JPMCB, you may be able to get it removed. Here’s what you need to know.
A hard inquiry on your credit report occurs when a lender or creditor pulls your credit report. They do this to check your financial stability and to determine whether you are an eligible lender. Crediting agencies typically check eligibility for a credit card application, a loan such as a car or RV, or a mortgage application. It’s important to note that hard inquiries can impinge on your ability to secure these necessities. This is more than an inconvenience, it hinders your ability to live freely.
Moreover, your credit report lets lenders and creditors know what kind of borrower you will be. Hard inquiries are utilized on credit reports to show lenders how frequently you are applying for more credit. If you frequently apply for credit, this could be an indication of financial distress or increasing debt. Our credit reports play a major role in our financial wellness.
Lastly, hard inquiries remain on your credit report for two years. But, in most cases, hard inquiries only affect your credit score for around twelve months.
On the opposing end of hard inquiries, some lenders use soft inquiries to check your credit report. A soft inquiry is when a lender uses only your phone number and address to check your credit. Fortunately, soft inquiries do not usually affect your credit score at all. Therefore, you do not need to worry about soft inquiries unless you did not apply for the lending yourself. If you did not authorize a soft inquiry, it could be a sign of identity theft or fraud and should be looked into immediately. Remember to speak with a credit specialist to discern between soft and hard inquiries on your report.
In many cases, it is possible to get a hard inquiry removed from your credit report. To get a hard inquiry from JPMCB removed from your report, you usually need to meet one of the following criteria:
If you have a JPMCB hard inquiry on your report and fall under one of the above categories, there is hope. It’s more than possible to get this inquiry removed. Oftentimes, the same debt or inquiry will appear more than once on a borrower's credit report. This is an error on the part of the lender, and you can get these duplicate inquiries removed.
Additionally, borrowers need to be aware of the various ways a JPMCB inquiry can appear on their report. If you have applied for a loan or credit card with Chase, the inquiry may appear under JPMCB, JPMCB Card, JPMorgan Chase Bank, or JPMCB Card Services. JPMCB makes common errors, and you can dispute these errors when working with a credit repair company.
That being said, the number one way to remove a JPMCB hard inquiry from your report is to work with a reputable credit repair company. Credit repair companies are an invaluable resource when resolving issues with your credit. Additionally, a credit repair company is likely to clear up issues on your credit report much faster than you can on your own. Support is necessary when you face an agency like JPMCB.
Removing hard inquiries from your credit report is just one of many things a credit repair company can help with. They can also assist with foreclosure notices, bankruptcy, late payments, charged-off debt, and liens.
Credit repair companies have a working relationship with lenders and creditors. Their credit specialists are well-versed in the ways various creditor systems work. And, they know who to contact with disputes and where to mail formal dispute letters.
If you need to get a hard JPMCB inquiry removed FAST - utilizing a credit repair company is the best route.
If you have a JPMCB inquiry on your report but you did not apply for credit with Chase, the inquiry could be fraudulent. These incidents are most commonly due to identity theft. If this is the case, you must contact the company immediately to report the incident. Additionally, you should sign up for a credit monitoring service to ensure no further fraud occurs on your credit report.
Soft inquiries do not require authorization from the borrower. However, hard inquiries do require permission from the borrower for their credit to be checked. Not only this, but the credit bureaus Experian, Transunion, and Equifax must notify you when a hard inquiry appears on your credit report. So, if you see a hard inquiry on your report from JPMCB, but you did not authorize it, take immediate action. This likely means someone is trying to open credit accounts under your name and social security number.
Unfortunately, even in the case of fraudulent inquiries or identity theft, borrowers can’t simply call Chase to dispute the hard inquiry. A formal letter from the borrower is required for these disputes.
In these cases, the wise choice is to lean into a trusted source. Even in instances of identity theft, these companies can help you navigate the process of correcting the issue. Once and for all, you can fix the inevitable damage to your credit report. Take back your credit and restore your financial freedom.
A strong credit history is imperative to a secure financial future. Monitoring and protecting your credit is just as important as building credit in the first place. The specialists at Credit Glory are experienced in helping clean up credit reports, disputing fraudulent inquiries, and advising borrowers on the best ways to pay debt. Call us today to get a head start on fixing your credit and securing your financial future.
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