What does DISCOVERBANK mean on my credit report?
Learn about DISCOVERBANK, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is DISCOVERBANK?
DISCOVERBANK is shorthand for Discover, with the company name being Discover Inc
Our purpose is to assist people to better plan their spending, control their debts and save more to reach a healthier financial future.
DISCOVERBANK is a Creditor provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Discover.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
- ⚫ Credit Card
- ⚫ Secured
- ⚫ Unsecured
How do I contact them?
Here is the current contact details for Discover:
Address:
- PO Box 6103 Carol Stream, IL 60197-6103
Website:
Email:
Phone:
Payments
Discover Bank offers multiple ways to make a payment, including online, over the phone, and through a mobile app. Wire transfers are also an option, but there may be a service fee associated. Taxes, penalties, and other fees may apply if a payment is late or missed.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | 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
both loan forgiveness and consolidation are available through the website. To qualify for loan forgiveness, you must complete the required paperwork and send it in to the company. To consolidate your loans, you must first create an account and then fill out the necessary paperwork.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
You can apply for a loan in person, over the phone, or online. 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? | No |
| 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.
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 DISCOVERBANK 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.