What does BK DESOTO mean on my credit report?

Is BK DESOTO making an impact on your credit score?

Updated January 1, 2023

What is BK DESOTO?

BK DESOTO is shorthand for Bank of DeSoto, with the company name being Bank of DeSoto Inc

BK DESOTO 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 Bank of DeSoto.

  • ⚫ 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 $3800.

  • ⚫ The average high credit balance is $13500.

  • ⚫ The typical loan duration is 24 months.

The account is classified under the following METRO2 categories:

  • ⚫ Secured
  • ⚫ Collection Agency/Attorney

How do I contact them?

Here is the current contact details for Bank of DeSoto:

Address:

  • 2011 N. Hampton Rd., DeSoto, TX 75115

Website:

Email:

Phone:

Payments

Bank of Desoto offers a variety of payment options such as online banking, mobile banking, eStatements, mobile deposit, and card management. There are no penalties for late or missed payments. Additional payment options include using a check or money order, wire transfer, or prepaid debit card.

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

Bank of Desoto does not offer loan forgiveness, but offers loan consolidation services. Loan forgiveness qualification requirements vary based on the type of loan you are applying for. To find out more information, contact Bank of Desoto to learn more about online banking and card services, which can help manage your accounts and payments.

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

How to Apply

It is possible to apply for a loan online, in person, or using a mobile app. A cosigner may be used when applying for a loan.

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.

BK DESOTO 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 BK DESOTO 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.