What does MI/BMOHARRIS mean on my credit report?

Learn about MI/BMOHARRIS, 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 MI/BMOHARRIS?

MI/BMOHARRIS is shorthand for BMO Harris Bank, with the company name being BMO Harris Bank Inc

MI/BMOHARRIS 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 BMO Harris 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 $8900.

  • ⚫ The typical loan duration is 60 months.

  • ⚫ The average credit limit is $1800.

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card
  • ⚫ Real estate
  • ⚫ Secured

How do I contact them?

Here is the current contact details for BMO Harris Bank:

Address:

  • 1200 E. Warrenville Road Naperville IL 60563

Website:

Email:

Phone:

Payments

You can make payments through External Transfers, Credit Card Payments, Bill Pay, Internal Transfers, and other methods. There are penalties for late or missed payments, which may include fees, higher interest charges, and damage to your credit score. Wire transfers are available through External Transfers and Bill Pay.

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

both loan forgiveness and consolidation are available. To qualify for forgiveness, you must make 120 payments while employed full-time by a qualifying employer. To qualify for consolidation, you must have a Direct Consolidation Loan with a repayment term of 10 years or longer.

Question Answer
Do they offer loan consolidation? No

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. You may be able to 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? 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

IdentityIQ Report Example

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

MI/BMOHARRIS 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 MI/BMOHARRIS 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.