If you have recently checked your credit report and noticed an entry labeled “TBOM Retail,” you may be wondering what it means and how it affects your credit. TBOM stands for The Bank of Missouri, a financial institution that issues credit cards and retail credit lines in partnership with various third-party lenders. This article provides a comprehensive overview of why TBOM appears on your credit report, how it can impact your credit score, and what steps to take if you do not recognize the entry.
What Is TBOM Retail?
The Bank of Missouri partners with a variety of financial service companies to issue credit products, including unsecured credit cards and store-branded credit lines. These cards may not explicitly mention TBOM in their branding, which can cause confusion when reviewing credit reports. Some common credit cards associated with TBOM include:
- First Access Visa® Card
- TOTAL Visa® Credit Card
- FIT Mastercard®
- Verve Mastercard®
- Fortiva® Mastercard® Credit Card
Since TBOM is the issuing bank, it is responsible for reporting account activity to credit bureaus, which is why the entry appears on your credit report.
Reasons TBOM Appears on Your Credit Report
There are several legitimate reasons why TBOM may be listed on your credit report:
1. You Opened a Credit Account with a TBOM-Issued Card
If you have recently applied for a credit card or store financing that partners with TBOM, the account will appear on your report under TBOM Retail. It is essential to check the details to confirm that the account belongs to you.
2. You Were Added as an Authorized User
Another possible reason is that someone added you as an authorized user to their TBOM-backed credit account. If you were unaware of this, check with the primary account holder to confirm.
3. A Hard Inquiry Was Conducted
When you apply for a credit card, the issuing bank performs a hard inquiry on your credit, which may appear under TBOM. Hard inquiries can temporarily lower your credit score by a few points but typically have minimal long-term impact.
4. Potential Identity Theft or Fraud
If you do not recognize the TBOM entry, it may indicate unauthorized account activity or identity theft. In this case, immediate action is necessary to dispute the entry and protect your credit.
How TBOM Retail Affects Your Credit Score
TBOM accounts can impact your credit score in several ways, depending on how the account is managed:
- Payment History (35% of Your Score): Late or missed payments on a TBOM-issued account can significantly lower your score.
- Credit Utilization (30%): High balances on your TBOM card relative to its limit can negatively affect your score.
- Length of Credit History (15%): A TBOM account that has been open for a long time can positively impact your score by increasing your average account age.
- Credit Mix (10%): Having a mix of revolving credit (credit cards) and installment loans can benefit your score.
- New Credit (10%): A recent TBOM inquiry or newly opened account may slightly decrease your score temporarily.
Steps to Take If You Don’t Recognize TBOM on Your Credit Report
If you do not recognize a TBOM entry on your credit report, follow these steps:
1. Contact The Bank of Missouri
Reach out to TBOM’s customer service to verify the account details. You can contact them directly at:
- Website: www.bankofmissouri.com
- Customer Service Number: Check your credit report for the specific contact number associated with the account.
2. Dispute the Entry with Credit Bureaus
If the account is fraudulent or contains incorrect information, you can dispute it with the major credit bureaus:
- Equifax: www.equifax.com
- Experian: www.experian.com
- TransUnion: www.transunion.com
Each bureau has an online dispute process, and you can also submit disputes via mail with supporting documentation.
3. Monitor Your Credit for Fraud
If you suspect identity theft, take the following protective measures:
- Place a fraud alert on your credit report through one of the bureaus, which will then notify the others.
- Freeze your credit to prevent unauthorized accounts from being opened in your name.
- Check your credit reports regularly using free resources such as AnnualCreditReport.com.
Pro Tips for Managing TBOM Accounts
- Set Up Payment Reminders: Ensure timely payments by setting up autopay or reminders to avoid negative impacts on your score.
- Keep Credit Utilization Low: Aim to use less than 30% of your available credit limit to maintain a healthy credit profile.
- Review Statements Regularly: Checking your statements can help you catch unauthorized charges early.
- Negotiate Better Terms: If you have a high-interest TBOM card, call customer service to inquire about lower rates or better terms after demonstrating responsible credit use.
Conclusion
TBOM Retail on your credit report is usually linked to a legitimate credit account, but it is crucial to verify all entries to protect your financial health. If you recognize the account, managing it responsibly can help you build and maintain a strong credit score. If the entry is unfamiliar, take swift action to dispute it and safeguard your credit against potential fraud. Staying proactive with credit monitoring and good financial habits will ensure long-term financial well-being.
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