What does INDEPEND BK mean on my credit report?

Learn about INDEPEND BK, 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 INDEPEND BK?

INDEPEND BK is shorthand for Independent Bank, with the company name being Independent Bank Inc

INDEPEND BK 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 Independent 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 $24200.

  • ⚫ The typical loan duration is 66 months.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Auto
  • ⚫ Unsecured

How do I contact them?

Here is the current contact details for Independent Bank:

Address:

  • 525 N. Cleveland-Massillon Rd., Suite 101 Akron, OH 44333

Website:

Email:

Phone:

Payments

You can make a payment by using the Balance Your Account form or visiting ONE Wallet Online Banking. Additionally, you may visit a branch in person or use the 24-hour Telephone Banking Service. You cannot make payments over the phone. Other payment options such as using a check or money order are available. There are no penalties for late or missed payments.

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

they do not offer loan forgiveness or loan consolidation. Loan forgiveness qualifications vary depending on the loan type.

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

How to Apply

Independent Bank offers an online application for loans that can be completed on their website. Additionally, their mobile app allows for all banking needs, including applying for loans. Finally, cosigners are accepted for loan applicants.

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

SmartCredit Report Example

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

INDEPEND BK 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 INDEPEND BK 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.