What does BOFIFEDBANK mean on my credit report?

Learn about BOFIFEDBANK, an creditor 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 BOFIFEDBANK?

BOFIFEDBANK is shorthand for Axos Financial Inc, with the company name being Axos Financial Inc Inc

To buy a house, first you need to determine how much you will pay as part of an overall payment schedule for a new home. Your total household expenses must remain within a narrow range; typically about 36%-42% of your net monthly income.

BOFIFEDBANK 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 Axos Financial Inc.

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

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

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Credit Card

How do I contact them?

Here is the current contact details for Axos Financial Inc:

Address:

  • 4365 EXECUTIVE DR,STE 125, SAN DIEGO, CA 92121

Website:

Email:

Phone:

Payments

You can make payments online, through a mobile app, over the phone, or using a prepaid debit card, wire transfer, or check/money order. There may be 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

There are three main types of federal student loans: Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. You may consolidate all of your federal student loans into a Direct Consolidation Loan. You may qualify for loan forgiveness if you teach full-time for five complete and consecutive academic years in a low-income elementary or secondary school, or if you work in certain public service jobs.

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

How to Apply

There are five ways to apply for a loan: online, over the phone, in person, through a mobile app, or 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? No
Can I apply for a loan using a mobile app? No

IdentityIQ Report Example

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

BOFIFEDBANK 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 BOFIFEDBANK 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.