What does BCIFINANCIAL mean on my credit report?

Is BCIFINANCIAL making an impact on your credit score?

Updated January 1, 2023
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What is BCIFINANCIAL?

BCIFINANCIAL is shorthand for BCI Financial Corporation, with the company name being BCI Financial Corporation

BCI-Management Team, having deep roots in the Connecticut Banking and Business Community, provides quality loans at reasonable interest rates.

BCIFINANCIAL is a Creditor provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with BCI Financial Corporation.

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

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

How do I contact them?

Here is the current contact details for BCI Financial Corporation:

Address:

  • 1520 Highland Ave, Cheshire, CT 06410, United States

Website:

Email:

Phone:

Payments

BCI offers a number of free payment options, including coupons, an automatic payment program, online payments, and payments from banks' online payment services. There are no penalties for late or missed payments.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? Yes
Can I make payments online? Yes
Do they offer a discount for automatic payments? 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

BCI does not offer loan forgiveness or consolidation. However, BCI Financial provides auto loans to individuals through automobile dealerships throughout New England, and customers may contact BCI with any customer service needs at (203) 439-9400 option 4.

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

How to Apply

BCI offers loans that can be applied for online, in person, or through a mobile app. Loan applications with a cosigner are also an option. BCI is licensed in all New England states and offers free payment programs, such as one-time and recurring monthly payments online, monthly coupons, and automatic payment programs. Refinancing is not currently available.

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.

BCIFINANCIAL 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.

How do I remove BCIFINANCIAL 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.