What Credit Bureau Does BMO Harris Use?
When applying for a loan or credit card, financial institutions often check your credit history and score to determine your creditworthiness. BMO Harris Bank, one of the largest banks in the United States, also follows this practice. However, the specific credit bureau they use may vary depending on your location.
BMO Harris Bank primarily uses Experian to check credit reports for its customers. Experian is one of the three major credit bureaus in the United States, along with Equifax and TransUnion. They collect and maintain credit information on individuals, including their payment history, credit utilization, and personal identification details. By evaluating this data, lenders can assess the risk associated with extending credit to an individual.
Here are seven frequently asked questions regarding BMO Harris Bank’s credit bureau usage:
1. What if I have freezing or locked credit reports with Experian?
If you have a credit freeze or lock with Experian, you will need to temporarily lift it to allow BMO Harris Bank to access your credit report. You can do this by contacting Experian directly.
2. Can I request a credit report from BMO Harris Bank?
No, BMO Harris Bank does not provide credit reports directly. However, you can obtain a free credit report from Experian annually by visiting annualcreditreport.com.
3. Does BMO Harris Bank consider credit scores from all three bureaus?
While BMO Harris primarily uses Experian, they may also consider credit scores from Equifax and TransUnion in certain cases.
4. How often does BMO Harris Bank update credit information?
BMO Harris Bank typically updates credit information monthly. However, it is important to note that the frequency may vary depending on your specific circumstances.
5. Will checking my credit report with BMO Harris Bank affect my credit score?
No, when BMO Harris Bank checks your credit report, it is considered a “soft inquiry” and does not impact your credit score. Only “hard inquiries,” such as when you apply for credit, can affect your score.
6. How long does negative information stay on my credit report?
Negative information, such as late payments or collections, generally stays on your credit report for seven years. However, bankruptcy can remain on your report for up to ten years.
7. Can I dispute information on my credit report with BMO Harris Bank?
If you find any inaccurate information on your credit report, you should contact the credit bureau directly. BMO Harris Bank does not have the authority to modify or remove information from your credit report.
Understanding the credit bureau used by BMO Harris Bank is crucial when applying for credit. By being aware of the FAQs mentioned above, you can navigate the credit application process with confidence and make informed decisions about your financial future.