Have you noticed a hard inquiry from JPMCB on your credit report? If you recently applied for a Chase Bank credit card, it’s likely responsible for the entry on your credit report.
While one credit card application isn’t going to substantially harm your credit, several applications within a short time frame can do considerable damage.
What is JPMCB?
You might not recognize the abbreviation JPMCB on your credit report, but you’re probably familiar with the name it stands for. JPMorgan Chase Bank, or Chase, is one of the most popular national banks.
It offers checking accounts, debit cards and savings accounts. It also issues credit cards.
A Chase account cardholder might see the bank reported under several other names, which are JPMCB, JPMorgan Chase Bank, JPMCB Card or JPMCB Card Services.
How long do hard inquiries stay on your report?
When you apply for a financial service, such as a credit card, loan or mortgage, the lender or creditor pulls your credit report. When this happens, it appears as a hard credit inquiry on the report.
For a soft inquiry, lenders use your phone number and address to check your credit report. This doesn’t usually affect your credit score. Hard inquiries show lenders how often you apply for credit, which can be an indicator of your financial situation. Multiple hard inquiries can lower your credit score.
Hard inquiries stay on your report for up to two years. However, they don’t usually affect your credit score for more than 12 months.
Can you remove hard inquiries from your credit report?
If you have an inquiry on your report from JPMCB but didn’t apply for a Chase credit card, you should act quickly to get the hard inquiry removed.
While soft inquiries don’t require your authorization, hard credit pulls do. The three credit bureaus, Experian, Transunion and Equifax, must notify you when a company runs a hard inquiry.
If an inquiry that you didn’t authorize appears on your report, you may be the victim of identity theft. When that’s the case, you should be able to get the inquiry taken off your report.
How to remove JPMCB Card from your credit report
There are a few important steps to take if you think someone may have used your information to apply for a JPMCB card or if the company made a mistake.
- Get a copy of your credit report
- Report the fraud to the lender
- Talk to a credit repair company
Get a copy of your credit report
Credit monitoring services can alert you to changes to your score, but you should also take advantage of annualcreditreport.com. Every year, you have free access to your full credit report from Equifax, Experian and TransUnion.
The credit inquiry section of your report could reveal the details of the hard credit check. Research any unfamiliar names you see. You may find that they’re alternate names for your current lenders. If you applied for a card or loan with a company, it will most likely stay on your report for the full two-year period.
Report fraud to JPMCB
If you didn’t apply for a credit card and authorize Chase to run a credit check, you should report the incident to the company. If an identity thief stole your information, you need to contact the credit bureaus and police. You also need to write a letter to the creditor to dispute the inquiry and insist that they remove the negative item from your credit report. You can mail in a basic dispute letter to get it removed.
You can write to JPMCB at the following address:
- JPMorgan Chase
- P.O. Box 15018
- Wilmington, DE 19850
Talk to a credit repair company
Credit repair companies can be an excellent source of assistance when there are issues with your credit. If you’ve fallen victim to identity fraud, these companies can help you to take the appropriate steps to correct the issue.
If your credit score is low due to your financial activities, they may be able to help you. In addition to getting hard credit pulls removed from your credit report, they work to resolve the following credit problems:
- Late payments
How to deal with a hard inquiry from a JPMCB card
A hard inquiry from JPMCB might drop your score a few points. While an unauthorized inquiry should raise some red flags, if the inquiry is the result of your credit card application, you don’t need to be too concerned. The damage done by a hard inquiry is short-term and most likely won’t affect your credit score after a year.
Here are a few steps you can take in the future to avoid the negative impact of hard inquiries:
- Limit applications: To soften the blow of hard inquiries in the future, try to limit your credit card and loan applications. If you’re shopping for a certain type of loan, you should submit all your applications around the same time. With credit cards like American Express Platinum or Amazon Prime Rewards Visa Signature Card, try to wait for three to six months between applications.
- Monitor your credit activity: Start monitoring your credit if you aren’t already. This will help you keep track of hard inquiries and any other changes to your score. There are a handful of reputable free credit monitoring services that can assist you.
- Make payments on time: Additionally, many credit cards charge annual fees that go unnoticed, so pay attention to the additional disclaimers listed on a card application. You can also set up auto-draft to ensure you make your payments on time.
- Look at the big picture: In most cases, hard inquiries aren’t very concerning. You can research what’s negatively impacting your credit score, such as late payments. Once you determine the issue, you can start improving your credit score and get long-term entries removed from your report.
Your credit history is integral to your financial future. Protecting your credit score requires vigilance and, in some cases, hard work to resolve issues. In the U.S., the law allows you to access one free credit score report a year, or you can pay for credit monitoring services offered through companies like Credit Karma or Experian.
Update: This article was updated to reflect JPMCB’s current contact information.
Disclaimer: This story was originally published on September 24, 2020, on BetterCreditBlog.org. To find the most relevant information concerning collections or credit card inquiries, please visit: https://money.com/how-to-remove-collections-from-credit-report/ or https://money.com/get-items-removed-from-credit-report/