Perhaps you have recently pulled your credit report and noticed that “VISDSNB” was listed under credit inquiries.
In this article I will outline what VISDSNB means, how it could possible hurt your credit score, and lastly how to potentially remove VISDSNB from your credit report.
What Does VISDSNB Mean?
VISDSNB stands for Visa Department Store National Bank. Many times you will see abbreviated codes on your credit reports. This particular code is more than likely from a Macy’s credit card.
When you apply for credit, a “hard inquiry” is added to your credit reports. This indicates that you are activity seeking out new credit. This could be a credit card, an auto loan, mortgage, etc.
There are two types of credit inquiries: soft and hard inquires.
An example of a soft inquiry would be if one of your existing creditors pulled your credit for a reason other than you actively seeking new credit. A soft inquiry does not affect your credit score.
On the other hand, an example of a hard inquiry would be if you applied for a new credit card. In the case of VISDSNB, you probably applied for a Macy’s store card. A hard inquiry can negatively affect your credit rating.
How much VISDSNB affects your credit rating depends on several factors that we’ll go into now.
How Will VISDSNB Affect My Credit Score?
Several factors will determine how badly VISDSNB affects your credit score.
Generally a hard inquiry like VISDSNB will only lower your credit score by a couple of points. However, if you have been applying for several lines of credit within a short period of time, a hard inquiry can have a larger impact.
In other words, the more hard inquiries you have, the more it negatively affects your credit score.
For this reason, it’s usually not a good idea to apply for a bunch of credit cards all at once. This is a mistake that many people make.
How Long Will VISDSNB Stay on My Credit Report?
A hard inquiry such as VISDSNB can remain on your credit report for up to 2 years. With that said, I have seen hard inquiries fall off credit reports after one years.
Aside from potentially lowering your credit score, a VISDSNB hard inquiry could also indicate to potential creditors that you’re looking for credit.
Again, it really depends on how many hard inquiries you have on your credit report. Don’t worry too much about the entry unless you have several and your credit score is being negatively affected.
When you have multiple hard inquiries, it’s not always a bad idea to try and remove the hard inquiries from your credit report.
Remove VISDSNB From Your Credit Report
Now that you have decided that removing VISDSNB from your credit report will benefit your credit score, it’s a good idea to have an understanding of the different methods you can use to accomplish hard inquiry removals.
Let’s go over the three main ways to remove a hard inquiry from your credit report.
Write a Credit Inquiry Removal Letter
The first method to remove the inquiry is to write a letter to the creditor requesting that they remove the hard inquiry from your credit report. In this case, you will be writing Macy’s.
The letter itself is quite simple. Write them and tell them that the inquiry was unauthorized and that they need to remove it from your credit report within 30 days of receiving the letter.
It’s not a bad idea to send this letter via certified mail. Also, make sure you mention that they need to remove VISDSNB from all three of the credit bureaus, including Experian, Equifax, and Transunion.
Keep in mind that the creditor isn’t obligated to remove the inquiry, especially if you actually applied for the credit card.
That said, it’s not a bad idea to give it a try.
Dispute VISDSNB Inquiry as Inaccurate
When writing a credit inquiry removal letter isn’t possible or you tried and they didn’t remove it, you can attempt to dispute the inquiry directly with the credit bureau.
There are two ways to dispute inaccurate items from your credit report.
The first way is to dispute the items online. This is the easiest way but generally less affective. It’s often thought that online disputes are more automated than mailing a dispute letter.
The recommended way to dispute negative items is by writing dispute letters to all three of the credit bureaus. It’s a good idea to send these letters via certified mail.
The credit bureaus will have 30 days to validate that the information listed on your credit report is correct. If they are unable to verify the information, they will either have to correct it, or remove it entirely.
Of course, the best case scenario is that they remove the VISDSNB hard inquiry.
Dispute Mailing Addresses
|P.O. Box 2000 Chester, PA 19016||P.O. Box 740256 Atlanta, GA 30374||P.O. Box 9701 Allen, TX 75013|
Hire a Professional
Another option you have is to simply hire a professional credit repair company to dispute the inaccurate hard inquiry.
The advantage of using a professional is that they usually have better success rates since they deal with the credit bureaus everyday and understand the ins and outs of credit repair.