What does CBC NATIONAL BANK mean on my credit report?

Is CBC NATIONAL BANK making an impact on your credit score?

Updated January 1, 2023
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What is CBC NATIONAL BANK?

CBC NATIONAL BANK is shorthand for First Federal Bank, with the company name being First Federal Bank Inc

CBC-Loans have hybrid variants which convert its variable into a fixed mortgage period for the rest of the loan. These arms are offered by the government agency Veterans' Affairs (USDA). Military veterans benefit from exceptionally lower interests rates and no upfront capital requirements.

CBC NATIONAL 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 First Federal Bank.

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

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

About the account

  • ⚫ The average high credit balance is $356200.

  • ⚫ The typical loan duration is 360 months.

The account is classified under the following METRO2 categories:

  • ⚫ Real estate

How do I contact them?

Here is the current contact details for First Federal Bank:

Address:

  • 4705 West US HWY 90, Lake City, FL, 32055

Website:

Email:

Phone:

Payments

First Federal Bank provides temporary payment coupons and instructions for making payments online in their closing packages. If you are unable to locate the coupons or require clarification on where to send your payment, you can contact servicing@cbcnationalbank.com.You can make a payment using a mobile app. First Federal Bank Mortgage includes 3 temporary payment coupons to use and provides the option to contact servicing@cbcnationalbank.com if you cannot locate the coupons. If a letter is received stating the servicing of the loan has been transferred, the new lender will provide instructions for payment.you can make a payment using a prepaid debit card. First Federal Bank Mortgage includes 3 temporary payment coupons to use and may have transferred your loan to a lender who specializes in mortgage servicing. If you need help to locate payment coupons or to clarify where to send your payment, contact servicing@cbcnationalbank.com.you can make a payment using a wire transfer. If you received a letter notifying you that your loan servicing has been transferred, you should contact servicing@cbcnationalbank.com for clarification.

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

Citizens Bank does not offer loan consolidation or forgiveness.

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

How to Apply

First Federal Bank is a people-centric financial institution dedicated to helping homeowners which structures and funds loans, underwrites the deal, and prepares all closing documents. You can apply for a loan online, using a mobile app, or with a cosigner. If the servicing of your loan has been transferred, you will receive 15 days notice. You can find the first payment date in your closing documents or contact the bank if you do not have them. You can also contact the bank if you need a duplicate of your payment coupons.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
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.

CBC NATIONAL 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 CBC NATIONAL 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.