How to Remove SYNCB/PPC from Your Credit Report
Coming across a name on your credit report that you don’t recognize can be alarming. That’s the case for many consumers when they find an entry from SYNCB/PPC. However, the acronym represents two popular companies, Synchrony Bank and PayPal Credit, formerly called PayPal Bill Me Later. If you’ve ever used PayPal’s credit or applied for an account, it can show up on your credit report.
Keep reading to learn how SYNCB/PPC works, why it might be showing up on your credit report and how you may be able to get it removed.
SYNCB/PPC on my credit report
If you have a PayPal account and applied for or used the platform’s line of credit, the SYNCB/PPC entry on your report could be completely legitimate. SYNCB is an acronym for Synchrony Bank. Among its extensive lineup of banking products, the institution offers credit cards in partnership with dozens of big-name brands and retailers. The bank purchased PayPal Credit in 2018, along with any of the debt owed to PayPal from a PayPal Credit account.
Formerly PayPal Bill Me Later, PayPal Credit is a reusable line of credit. Rather than requiring a credit card, it’s a digital platform similar to PayPal, and consumers can use it anywhere that accepts PayPal payments. The credit line gives clients interest-free financing for six months on purchases that are $99 or more.
Why is SYNCB/PPC on my credit report?
SYNCB/PPC could be on your report for several reasons. Many consumers have reported that the account has only recently appeared on their report after years of being open. This could be because PayPal Holdings didn’t report accounts and applications to the credit bureaus. Since Synchrony acquired these accounts, it has begun reporting account activity to the bureaus.
SYNCB/PPC could show up in one of the following areas on your credit report:
Hard inquiry
Whenever you apply for a line of credit, credit card or loan, the lender will probably obtain your credit report as a means of reviewing your credit activity. As a result, the company would add a hard inquiry to your credit report.
If you ever applied for a PayPal Credit account, an inquiry from SYNCB/PPC shouldn’t concern you. These inquiries are a basic requirement for getting approved for new loans and credit offers. Hard inquiries can lower your score slightly, but they fall off your report altogether after two years.
Account
SYNCB/PPC can also appear on your report in the account section. Whether you have an active PayPal credit account now or have had one in the past, the company may report your account to the credit bureaus. Open and closed accounts can affect your credit limits, the number of accounts and payment history, which means they could raise or lower your score. Even if you closed your account and it’s been inactive for a while, it could appear on your credit history now that Synchrony is reporting accounts to the bureaus.
How to remove SYNCB/PPC from your credit report
Whether you had an open account or not, if you ever applied for a line of credit from PayPal, you probably won’t be able to get it removed from your credit report. However, if you don’t recognize the name and don’t recall applying for an account, you could get the hard inquiry or account deleted from your report.
Here are some steps you can take to get the entry removed:
Dispute the entry with Synchrony Bank and the bureaus
If you’ve never applied for a credit account with PayPal, it shouldn’t be on your report. There’s a chance that the account could be there as the result of:
- A simple reporting error
- Identity theft
In either case, you should take immediate action by disputing the entry with the credit bureaus and Synchrony.
You can mail in a letter of dispute, which ensures you have documentation of your interactions with the bureaus. You can also submit a dispute online or over the phone. If you didn’t apply for an account or ever open one, your dispute should result in the removal of the account from your credit report.
SYNCB’s contact information is as follows:
Mailing address:
FCBI/ Billing Error, P.O. Box 965035, Orlando, FL 32896-5035
Phone Number: (800) 250-5411
Website: http://www.synchrony.com
BBB Rating: A+
Since some disputes are time-sensitive, it’s important to stay alert to changes to your score as they occur. To track your score, you should consider using a free credit monitoring platform. A service, like Credit Karma, can notify you every time there’s a change to your report or score. It also gives you tips and helps you file a dispute.
For a more thorough review, you get one full copy of your credit report every year from annualcreditreport.com.
Use a credit repair company
Depending on how complex your credit issues are, you might want to consider working with a credit repair company. These companies offer expert services according to a client’s unique credit profile. The company determines which issues are impacting your score the most and works to remove inaccuracies. A credit repair company also files credit report disputes so you don’t have to do it on your own.
In addition to dealing with inaccurate entries on your report, credit repair representatives can assist you with:
- Bankruptcy
- Charge-offs
- Collections-stage debts
- Foreclosure
- Judgment
- Late payments
- Liens
- Repossession
Getting SYNCB/PPC off your credit report
If you didn’t apply for a credit line with PayPal, you should dispute the entry. Depending on your circumstances, you could benefit from the services of reputable credit repair companies.
However, if you applied for a PayPal Credit account or ever utilized one, don’t let the new entry from Synchrony and PPC on your report alarm you. Even though it’s unpleasant to see your score drop, it can be an unavoidable consequence of applying for or opening a credit account.
Instead of dwelling on the impact of a past financial decision, focus your efforts on what you can do to improve your score in the future, such as making payments on time and limiting your new credit applications.
Update: This article has been updated to include SNYB’s contact information.
Disclaimer: This story was originally published on December 23, 2020, on BetterCreditBlog.org. To find the most relevant information concerning collections or credit card inquiries, please visit: https://money.com/how-to-remove-collections-from-credit-report/ or https://money.com/get-items-removed-from-credit-report/