Checking your credit report often is important because you never know what you’re going to find on it. Sometimes, a new account that doesn’t belong to you or inaccurate, negative information may get added, impacting your credit score and making it more difficult to build credit. Inaccurate, negative information may prevent you from getting the best credit score possible from the accurate information listed on your credit report.
If you’re not checking your report regularly, you may only find out about negative info after you’ve been declined. If you’ve recently checked and found a tradeline for JPMCB Card Services, you may be wondering what it is and how to remove it if the entry was reported in error. This guide helps you navigate this.
JPMCB stands for JP Morgan Chase Bank, one of the largest banks offering financial services in the world. They were created in 2000 when J.P. Morgan & Co. Incorporated merged with The Chase Manhattan Corporation to form JPMorgan Chase & Co., and then in 2018 they merged with Chase Bank USA to form their present iteration.
If you are seeing JPMCB on your credit report, this may be because you have applied for or obtained one of the following unsecured credit cards (as opposed to secured cards, which require a cash deposit upfront or debit cards, which draw directly from your checking account).
Chase credit cards come in many varieties, including Chase Freedom® and Chase Sapphire Reserve®. You can find many cards under the Chase banner and all with their own benefits and a wide range of APRs and annual fees.
Chase also offers credit cards with airline rewards, allowing you to rack up bonus miles and points that you can use to offset your travel costs.
A few types of Chase airline cards include the Southwest airline rewards cards, the United airline rewards cards, the Aeroplan Card, the British Airways airline rewards card, the Aer Lingus airline rewards card and the Iberia airline rewards card.
Chase also offers hotel rewards credit cards, allowing you to collect points when you stay at certain hotel brands so you can earn free hotel stays in the future. These cards include Marriott Bonvoy hotel rewards cards and the World of Hyatt hotel rewards card.
Chase also offers credit cards that have rewards for specific companies, so you can get benefits from services you use frequently. Company-specific cards may include Disney rewards cards, Amazon rewards cards and the Instacart Mastercard.
Chase also has options for businesses looking to save money on typical expenditures including Ink business credit cards.
When you check your credit report and see JPMCB card services, you may wonder why it is there. The following sections offer a few reasons why that might be the case.
Prequalification doesn’t necessarily happen because of a request from the consumer. When lenders and credit card issuers want to consider offering you preapproval for financial products, they perform a soft inquiry or soft credit check on your credit report. This soft pull gives them information to assess whether to offer you a preapproved or prequalified offer.
If Chase credit card runs a soft inquiry to offer you preapproval or prequalification for a credit card, that could cause it to show up on your credit report as a soft inquiry. Soft inquiries like this do not affect your credit score, but if you follow through and apply for the card, you’ll undergo a hard inquiry.
If you applied for a Chase account, JP Morgan Chase Bank (JPMCB) would have made a hard inquiry on your report. This will still show up even if you were rejected after applying.
A hard credit inquiry is when credit issuers and financial institutions ask the major credit bureaus to see a copy of your credit report when assessing your application for a new credit account. New hard inquiries affect your credit score for about 12 months, but they will remain on your credit report for two years.
If someone adds you as an authorized user to their Chase credit card, that may show up on your credit report. An authorized user is not responsible for payments but can use the credit card. Then if the card issuer reports authorized users to the credit bureaus, credit information such as payment history and credit utilization rate for the primary cardholder may also show up in your credit history.
If you do not have a Chase credit card account, are not an authorized user on one, and have not even applied for one, then you may be a victim of identity theft or fraud. It could also potentially be a mistake. Either way, you can use the information in this post to get it off your report.
A final reason you may see JPMCB on your account is if you had a Chase card but later closed it. Closed accounts stay on your report for a long time — 7 years if it was closed in negative standing, and 10 years if closed in good standing. Because closed accounts can stay on your report for so long, it’s not uncommon for someone to check their report and forget about an account they closed many years ago.
If you’ve determined that JPMCB is inaccurately listed on your credit report, either due to fraud or a mistake, you can take action to remove it.
The first step is to reach out to the company using the contact information below:
The next step is to dispute the inquiry, negative item or account with the credit bureaus and the business that reported it. They are required to fix the error for free. Take these steps to dispute the error on your report:
If you suspect fraud, you need to report it to the Federal Trade Commission (FTC). You can also sign up for fraud alerts on your credit report with credit monitoring services so you can be alerted immediately in case it happens again. The steps to report to the FTC can be found here.
You would only want to remove JPMCB card services from your credit report if it has inaccurate negative information like late payments — if the information is positive, you want it on your credit report. In any event, it may not be up to you. You can’t remove things from your credit report, negative or positive, if they are accurate. Only cases of error or fraud can be removed, and in that case, you definitely want it removed (you may also want to consider a temporary credit lock or freeze).
One step to establish a strong credit history is to protect yourself from inaccurate information on your report. You can do this by being vigilant and proactive with the information on your credit report. Negative marks from JPMCB or any other creditor can show up without you knowing it, and the only way to check is by pulling your credit report on a regular basis. And remember: You are legally entitled to one free credit report from each credit bureau every 12 months via www.AnnualCreditReport.com — so take advantage of it.
Ana Gonzalez-Ribeiro, MBA, AFC® is an Accredited Financial Counselor® and a Bilingual Personal Finance Writer and Educator dedicated to helping populations that need financial literacy and counseling. Her informative articles have been published in various news outlets and websites including Huffington Post, Fidelity, Fox Business News, MSN and Yahoo Finance. She also founded the personal financial and motivational site www.AcetheJourney.com and translated into Spanish the book, Financial Advice for Blue Collar America by Kathryn B. Hauer, CFP. Ana teaches Spanish or English personal finance courses on behalf of the W!SE (Working In Support of Education) program has taught workshops for nonprofits in NYC.
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