What is Macys DSNB on My Credit Report?
Did you apply for a Macy’s credit card in the last two years? If so, you shouldn’t be alarmed when you see a Macys DSNB entry on your credit report.
Applying for new credit results in a hard inquiry, and it may have a small effect on your credit score.
If you didn’t apply for a retail card from Macy’s, the inquiry could be a mistake, or it may be the work of an identity thief.
The guide below will offer an overview of how hard inquiries work, with steps for getting an inaccurate inquiry taken down.
Macys DSNB On My Credit Report
Macys DSNB is the reporting code that represents the Macy’s credit card issued by Department Store National Bank.
In addition to Macy’s, DSNB also offers cards to Bloomingdale’s shoppers.
According to their credit card policy, the bank may obtain the following info when you apply for a card:
- Employment info
- Account balances
- Credit history
Whether you apply for a card at the checkout counter or online, you grant permission to the company to access your credit report, along with some of the other info above.
The act of obtaining your credit report data to evaluate your application is a hard inquiry.
We’ll delve into how that affects your credit below.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How Does a Macys DSNB Hard Inquiry Affect Your Credit Report?
Any time you apply for new credit, like a card, loan, or line of credit, the lender might run a hard credit check.
You could also be hit with a hard inquiry when you serve as a co-signer or authorized user on someone’s account.
Hard inquires give creditors an all-access pass to your credit reports.
Depending on the company’s vetting process, they might use one, two, or all three of your reports.
Hard inquiries get added as a new entry on your credit report, remaining there for two years.
They may drop your score by a couple of points, but shouldn’t do much more damage than that.
Hard inquiries operate completely differently than soft inquiries, which happen when you view your credit score, pre-qualify for a loan/card offer, or go through a background check from an employer or landlord.
Soft inquiries have zero impact on your credit. They don’t lower your score or get entered on your report.
Understanding the differences between these two types of inquiries is key.
Should you try to avoid having hard inquiries on your report?
While no one wants to see their credit score drop, if you ever want to increase your credit limit, you have to submit to a hard inquiry.
And getting approved for new credit can improve your score drastically, more than making up for the few points lost in the process.
That being said, try not to stack up too many inquiries at one time.
Not only can a few points here and there accumulate, but you also end up looking like an unstable borrower to potential creditors.
How to Remove Macys DSNB from Your Credit Report
If you aren’t a Macy’s shopper and didn’t apply for one of their cards, it’s important to get the hard inquiry off your report.
Here are some pointers to help you through the process.
Dispute the Inquiry
Now that you know who’s responsible for the hard inquiry on your report, you should reach out to them to get some answers.
DSNB should be able to provide you with information about the inquiry, including the account number and details about the application that triggered the inquiry.
They may discover that they made a reporting error, or you may discover that someone has used your information fraudulently.
From there, you should file a dispute with the credit bureau(s).
You can call to chat with an expert and file your dispute online or by mail, submitting documentation to help with your case.
The Fair Credit Reporting Act requires bureaus to handle disputes with a 30-day investigation.
Within a month, the fraudulent entry should be removed from your report.
In these situations, it’s important to move quickly. To catch all new entries as soon as they’re added to your report, you should sign up for a free credit monitoring service.
You can get score updates and notifications any time there is a new inquiry on your report.
These apps can also help you improve your score, with articles, personalized pointers, and approval odds for credit cards and loans.
Hire a Credit Repair Company
If you don’t look forward to addressing the credit bureaus and the bank responsible for the hard inquiry, you could benefit from a credit repair company’s services.
They’re pros at getting inaccurate hard inquires removed from consumer credit reports.
If you suspect an identity theft used your info to apply for a Macy’s card, they can help you take the appropriate next steps for reporting it.
A credit repair company is also a great asset if you’re facing any of the following:
- Charge offs
- Debt collections
- Late payment history
We’ve handpicked the best credit repair companies for you, researching their rates, customer experience, and track record of success.
If you applied for a Macy’s credit card, you don’t need to worry about getting it removed from your report.
That’ll happen naturally in two years.
Instead work on making financial moves that will have a bigger impact on your credit, like keeping your payments on time, paying down major debts, and keeping your credit utilization low.
If you didn’t apply for a Macy’s card, dispute it with the bureaus ASAP. You might also want to consider contacting a credit repair company to help.
In instances of fraud, you can freeze your credit reports and place a fraud alert on your account to notify the bureaus.