What does BUSEY BANK mean on my credit report?

Is BUSEY BANK making an impact on your credit score?

Updated January 1, 2023

What is BUSEY BANK?

BUSEY BANK is shorthand for Busey Bank, with the company name being Busey Bank Inc

BUSEY BANK 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 Busey Bank.

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

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

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Secured

How do I contact them?

Here is the current contact details for Busey Bank:

Address:

  • 100 West University Avenue Champaign IL 61820

Website:

Email:

Phone:

Payments

Busey Bank offers customers the ability to make payments online, over the phone, and through a mobile app. Payments can be made using a debit or credit card, prepaid debit card, or wire transfer. There may be a penalty for late or missed payments.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? Yes
Can I make payments online? 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

Forgiveness and Cancellation

There are three main types of student loans in the United States: federal loans, private loans, and Parent PLUS Loans. Federal loans offer many benefits, including loan forgiveness and consolidation. Private loans do not offer these same benefits. Parent PLUS Loans are federal loans that parents can take out on behalf of their children. Consolidation allows you to combine all of your loans into one single loan with one monthly payment. Loan forgiveness cancels all or part of your loan balance if you meet certain requirements, such as working in a public service job.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? Yes

How to Apply

You can apply for a loan online, over the phone, or in person. Some lenders also have mobile apps that you can use to apply for a loan. You may be able to get a loan with a cosigner.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan in person? No
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.

BUSEY BANK 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 BUSEY BANK 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.