What does HOME BANK mean on my credit report?

Learn about HOME BANK, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is HOME BANK?

HOME BANK is shorthand for Home Bank, with the company name being Home Bank Inc

HOME 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 Home 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 account balance is $300.

  • ⚫ The average high credit balance is $1200.

  • ⚫ The average credit limit is $500.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Home Equity
  • ⚫ Secured

How do I contact them?

Here is the current contact details for Home Bank:

Address:

  • 503 Kaliste Saloom Road Lafayette, LA 70508

Website:

Phone:

Payments

To make a payment, you can either visit the website and select the payment option, call customer service, or mail in a check. There is also the option of paying in installments over the course of a month. If you need to refund a payment, you can contact the merchant. Depending on the merchant’s policies, you may need to provide proof of purchase or other documents, and the merchant may take several days to process the refund.To make a payment over the phone, online, or with a prepaid debit card, you can. Wire transfers are also an option. There are consequences for missed or late payments, however. These can include additional fees, higher interest rates, or even a negative impact on your credit score.

Question Answer
Do they offer a monthly payment plan? Yes
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

The website offers loan forgiveness and consolidation. To qualify for loan forgiveness, the borrower must make 120 on-time, full payments. For consolidation, the borrower must have a valid Direct Loan.

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. You may also be able to apply for a loan using a mobile app. In some cases, you may need a cosigner.

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? Yes
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

SmartCredit Report Example

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

HOME BANK SmartCredit 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 HOME 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.