Why Macys DSNB May Impact Your Credit Score

Macys DSNB is an abbreviation for Macy’s Inc. Department Stores National Bank. The subsidiary of Citibank, DSNB, provides store cards for Macy’s Inc. clothing outlets. 

Citibank took charge of all of Macy’s credit accounts from 2005 onwards. Macy’s/DSNB will appear on your credit report if you’ve applied for or already possess a Macy’s department store card. These entries will be shown in your report as the following:

• DSNB/MACYS
• MCYDSNB

Could Macy’s/DSNB be a scam?

Macy’s and Department Stores National Bank are legitimate companies established decades ago; therefore, they are not a scam. These two accounts may appear on your credit report due to them conducting a credit check or if you have an account with them.

If there’s some activity on your report pertaining to Macy’s/DSNB which should not rightfully exist, you may have fallen victim to fraud or identity theft. 

Why did Macys DSNB appear on my credit report?

Macys DSNB might appear on your credit report for several reasons, some of which may be negative and some harmless. It can appear despite you not having a Macy’s credit account.

The account may be on your credit report for the following reasons:

1. Department Stores National Bank conducted a credit check

Macys DSNB would appear on your credit report if Department Stores National Bank conducted a credit check to decide whether you’re a good or bad credit risk and whether they should lend you credit.

This type of credit check on your report will show up under the hard or soft inquiries section.

• Hard inquiry: Inquiries and checks by creditors show up on your credit report when you apply for new lines of credit. As per the Consumer Financial Protection Bureau, these are hard inquiries that harm your credit report and scores since they indicate how regularly you apply for new debts. Recent hard inquiries are counted in a creditor’s decision-making, indicating that a recent debt has been added to your account. These debt accounts can be for an auto loan, insurance policy, credit card, mortgage, cell phone, apartment, and even a job application.

• Soft inquiries: A review of your credit report, creditors evaluating current accounts, and potential lenders pre-screening your report without your permission are known as soft inquiries on your report. As claimed by the CFPB, these inquiries do not impact your score as they indicate that you’re not in search of new credit.

2. You may own a Macy’s credit account

Macys DSNB credit account will appear on your report if you previously had or currently have one under your name. This account can stay on your record for 7-10 years.

Your account may be shut down without you being aware of it due to inactivity, as lenders commonly close credit accounts which have been inactive for a while.

3. You’ve signed up as an authorized user on somebody else’s Macy’s credit account

If you’re an authorized user on someone else’s Macy’s credit account, then a Macys DSNB will likely be added to your report. You can be an authorized user for:

• Children
• Parents
• Spouse
• Business Partner
• Close friend

Remember that another person’s activities on their Macy’s credit account can affect your credit score if you have been added as an authorized user. Rest assured; your credit score can improve if the primary cardholder depicts responsible and reliable credit behavior, which will also help you build a good payment record. Correspondingly, your credit behavior will also impact another’s credit scores, so it is important to act responsibly if you’ve been added as an authorized user to somebody else’s account.

4. You’ve been a victim of identity theft and fraud

If there’s a hard inquiry on your credit report about Macys DSNB which should not rightfully exist there is a possibility that you have fallen victim to fraud or identity theft.

Take the following steps if you suspect that somebody is trying to open fraudulent Macys/DSNB accounts in your name:

• Contact Department Stores National Bank, who most likely made the hard inquiry (unless a third party was hired to conduct the inquiry). Ask for details such as under what circumstances were the inquiry authorized, as shown in their records.
• Report the cybercrime to FTC (Federal Trade Commission). Generate an identity theft report and recovery plan via www.identitytheft.gov. 
• Place a fraud alert on your credit report by contacting any of the three major consumer credit bureaus; Experian, Equifax, or TransUnion. You may additionally want to lock or freeze your credit.

Regularly monitor your credit reports to observe any suspicious or fraudulent activity.

How will a Macys DSNB account impact my credit score?

There are a number of ways in which Macy’s/DSNB will affect your credit score, varying from credit check inquiries to management of your account(s).

Hard inquiries

A hard inquiry will likely have a short-term impact on your credit score, bringing the FICO score down by about five points and VantageScore by five to ten points.

However, several hard inquiries can harm your score as the effect is cumulative.

Currently active and closed accounts.

A currently active or closed Macy’s/DSNB account on your report will influence the following factors and simultaneously affect your credit score:

• History of payments
• Duration of credit history
• Accounts types are usually referred to as ‘credit mix.’
• Credit utilization rate (if the account is active and running)

How can I remove Macy’s/DSNB from my credit report?

Professional credit repair agencies such as Lexington Law specialize in eradicating erroneous entries and inquiries from your credit report. With over 18 years of experience, the professional credit repair service has disputed over seven million negative items in 2020. 

It is advised to contact Lexington Law for a free consultation if you want to remove a collections account or dispute the following items from your credit report at the earliest.

Reach out to Macy’s/DSNB, the source for the hard inquiry to find out about the application that caused this. All credit bureaus which have dated information regarding your credit report should be informed and disputed to investigate your claim and make the necessary updates. It typically takes a month for bureaus to look into the declaration.

You may have to write a goodwill or dispute letter addressing the creditor and elucidate why the negative entry appears on your report. 

It is recommended by the Consumer Financial Protection Bureau (CFPB) that you provide a copy of your report with the error highlighted. It is also necessary to provide important documentation while filing a dispute to support your claim.

Monitoring your credit using fee-based services or acquiring a copy of your complete credit report annually from annualcreditreport.com will help you deal with potential fraud and identity theft cases.

Keep a close eye out for scammers, as credit restoration companies are not permitted to charge you before offering their services. If you are asked to pay upfront, consider hiring a different company to do the work for you.

Takeaway: Macy’s/DSNB may appear on your credit report for several reasons

Macy’s/DSNB may be added to your credit report as a result of a hard inquiry or an active or closed credit account belonging to you or another authorized user. How the credit account affects your credit score varies on your credit history and the account status.

Macy’s/DSNB can be taken off your record history by disputing the erroneous entry with one of the three major consumer credit bureaus or Department Stores National Bank. You can hire a credit restoration company to do the work for you.