What does 1ST NATL S mean on my credit report?

Is 1ST NATL S making an impact on your credit score?

Updated January 1, 2023
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What is 1ST NATL S?

1ST NATL S is shorthand for First Electronic Bank, with the company name being First Electronic Bank LLC

First Electric Bank is an insured depository institution charted by the State of Utah and located in Salt Lake City, Utah.

1ST NATL S is a Bank provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with First Electronic Bank.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for First Electronic Bank:

Address:

  • 2150 S 1300 E #400, Salt Lake City, UT 84106, United States

Website:

Email:

Phone:

Payments

The First Electronic Bank offers various payment options for customers, including online payments, phone payments, and wire transfers. There are penalties for late or missed payments. Prepaid debit cards are also accepted.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? Yes
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

How to Apply

You can apply for a loan online, over the phone, or using a mobile app with First Electronic Bank. They offer a variety of loan programs, including debit, credit, and pre-paid programs, consumer and commercial programs, and Visa® and Mastercard® issuance. You can also apply for a loan with a cosigner.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? Yes
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

1ST NATL S IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Bank

A bank is an institution where money is kept for saving or commercial purposes. They are able to offer Loans and Mortgages which means they have the ability to report on your credit. Banks are generally felt as untrustworthy (30% confidence rating in the USA) by the general public. Banks can make mistakes on your credit report which may lower your credit score, potentially damaging your credit report and costing you money.

How do I remove 1ST NATL S from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.