Synchrony Bank-PayPal-Credit: Why is it on My Credit Report?

SYNCB PPC is an abbreviation for Synchrony Bank-PayPal-Credit and is in fact an account you may have had in the past that has been reported on your credit report to the three major credit bureaus. If your credit score is low or your credit has been damaged, SYNCB PPC is a negative indicator on your credit report. In addition, if you have had accounts in the past with other financial services, SYNCB PPC is a negative indicator. When you applied for or received a PayPal Credit account, Synchrony Bank may have had your PayPal account listed on your credit report. Synchrony Bank is a Synchrony Financial Company, an S&P 500 company with the stock symbol SYF.

The company has been in business for over 100 years. They specialize in providing financing and leasing for small and medium-sized businesses, personal and commercial real estate, consumer loans, credit cards, and deposit products. Synchrony Bank was formed through the acquisition of PayPal Credit by Synchrony Financial. Synchrony has completed the integration process and your Synchrony account has been merged into your existing Synchrony account.

In order for the transaction to be complete, we need to clear the credit inquiry from your credit report as quickly as possible. If you were granted credit for SYNCB PPC or a PayPal Credit account at some point in the past, your credit report may have listed it as an existing credit account. If you applied for credit for SYNCB PPC at any point, your credit report may have listed it as an active account. The payment history and payment method information in your credit report may have been inaccurate as well.

If you have an active Synchrony account that you never opened, please contact the company for assistance. A Synchrony Bank-PayPal-Credit account, at one time or another, may have been reported to the credit bureaus in the Accounts and Activity section. If you are a victim of identity theft or believe your identity has been stolen, contact Synchrony Bank to verify the error and get your credit report corrected.

Transactional Accounts

If you have had a Synchrony Bank-PayPal-Credit account and are not aware that it is listed on your credit report, it is important to ask your Synchrony Bank representative about the nature of your account. If the answer is that the account was opened in error, then contact Synchrony Bank to ask what can be done about the error. If it is not a case of error, or if Synchrony Bank cannot assist you with correcting the record, you may want to check with the three major credit bureaus to determine whether this account should be removed from your credit report.

In addition to credit repair or account removal, Synchrony Bank representatives are also able to advise you on consumer financial services. They have an array of products to meet the needs of customers. For instance, they have solutions to help you meet your monthly payments, reduce interest and eliminate late fees. In addition, they have products that help consumers make money and help their businesses.

Convenient Banking Services

SYNCB PPC is a very convenient way for you to manage your money. For example, you can make payments for your rent or mortgage, pay bills on time, deposit a check, get or send a money order, transfer money to or from your account, receive statements, and many more payment methods and services. In addition, you can order food, pay your bills, get oil changes, pay for auto repairs, and order home or business security systems, to name just a few of the many payment and money management services that SYNCB PPC has to offer.

SYNCB is an online and phone banking system, which means that you do not need to visit a bank or local branch to bank with SYNCB. If you are a member, you will receive an email or phone call when your online banking is available or when an account is ready for withdrawal or deposit. If you would like to learn more about your account options, you can contact a bank representative.

Are There any Deposits?

For the unaware, SYNCB PPC also offers a money market deposit option for you to keep money safe and in your account. You can invest up to $1,000 in a money market account. If you decide to transfer money to a money market account, you can do so at any time. SYNCB PPC offers checking and savings accounts, plus various loan types, including small-business loans and car loans, as well as credit cards. SYNCB PPC has an automatic monthly deposit to your account in order to maintain your balance.

This allows you to keep an extra $25 for yourself. The automated deposit is made at the beginning of each month and is made in $10, $20 and $25 amounts. For instance, if you have a $100 checking account, and you have an automatic $20 deposit, your total will be $100. When this automatic deposit takes place, your account automatically stops losing money. Once the deposit has been made, your checking account will be $100. Your balance is zero dollars and your money is safe.

Why Is SYNCB PPC On My Credit Report?

First, in order to report an account on your credit report, there must be a paid account. The account that is listed as SYNCB PPC is simply an account you may have had in the past, but it has been reported on your credit report because you closed the account or it has been inactive for a period of time. If you closed your account by moving it to an online savings account or transferring it to an existing PayPal account, the account would be considered an “inactive” account.

As an example, I closed my account at PayPal Credit (under Synchrony Financial) some time ago. If someone had filed a credit inquiry for a Synchrony credit card account I may have had at some point, it would be listed on my credit report as “opened credit account.” However, I would not be responsible for paying back the credit card debt since I closed the account.

The reason for listing this account as an open credit account is because a payment was made to the account on or before the date the payment was reported on my credit report. This means that I may have made a payment on or before I closed the account (ex: the card balance was paid in full before the account was closed). I may have had this account for some period of time before I closed the account (if the payment was made prior to my closing the account).

The answer to why is because if Synchrony Bank allowed the account to remain open for more than 90 days, it will be listed on your credit report as an existing credit account. This does not affect your ability to take out a credit card or open an account with the company. The account is not being listed as a current account. It is important to note that accounts such as PayPal Credit that you have never opened are not listed as open credit accounts in your credit report. Therefore, you should not be responsible for the debt on the account because you have never opened it. Since SYNCB PPC is an established account, you can pay the credit inquiry in one transaction.

Hard Inquiries

Hard inquiries are reported on a consumer’s credit report as early as 90 days after the inquiry. Hard inquiries are inquiries that may include information from a “new” creditor, such as a phone or cable company, or when you open a new line of credit. Examples of these include a telephone company reporting your monthly phone bill to a credit bureau, your cable company reporting your monthly cable bill to a credit bureau, or when you open a new line of credit through a credit card company that reports your payment information to a credit bureau.

If you did not have a credit card opened prior to the time you closed your PayPal Credit account, you do not have a hard inquiry on your credit report. However, you may have had other credit accounts listed as open in your credit report, but you may have closed those accounts after you closed the PayPal Credit account. If you did not have an active PayPal Credit account during the time your credit account was reported as open, but you may have had other accounts listed as open in your credit report, please contact PayPal to have those accounts removed.

Hard inquiries are required to be reported to your credit report every 24 months, regardless of whether you open a new line of credit or not. A hard inquiry has the potential to reduce your credit score, and the loss of a hard inquiry could reduce your credit score by up to 30 points. Soft inquiries do not have the same negative impact as hard inquiries.

Miscellaneous Information

A bill may have been delivered to your home address, and you may be able to dispute it. A bill is considered a “delivery error” if the mailing address is incorrect. This type of error generally does not have negative consequences. A bill may have been delivered to a vacant address. If you do not pay your bill when it is delivered to an incorrect address, the bill may be rejected, or you may be responsible for a penalty. The fact that the bill was delivered to an incorrect address may not be reported to your credit report. However, it should be noted that this type of report will also not be made when the bill is delivered to a home address that you own.

Note: When a soft inquiry is reported on your credit report, you will usually receive a notification that this is occurring in the mail from the credit bureau. The notification may include information about soft inquiries, such as how long your credit report has been reported as open, what your available credit limit is, how much you owe on each account, and whether or not your account is open.

When you receive a notification for a soft inquiry on your credit report, it is important to contact the credit bureau and provide information to correct the soft inquiry. For example, if a credit bureau reports an inquiry on your credit report that is over 3 years old, and you do not owe any money on that account, you should contact the credit bureau to have the soft inquiry removed.

Frequently Asked Questions

Who is eligible for SYNCB PPC?

Members of SYNCB with a mailing address located in the U.S. can open accounts, so long as they meet the requirements. A required personal financial assessment is conducted in order to determine whether you qualify. Members of the military who do not have a current mailing address, residents of Alaska and the District of Columbia, residents of Puerto Rico, and residents of Alaska and residents of Hawaii can also open accounts.

What are the monthly fees?

There are no monthly fees for SYNCB PPC. In addition, there is no minimum balance required. However, there are transfer fees if you want to transfer money to a money market or savings account. You can manage your money online and over the phone.

Can I get a bank account with the United States Postal Service?

You can get a bank account from the United States Postal Service (USPS) if you are a member of SYNCB. When you open an account, you can manage it from anywhere. If you are an active member of the military and the first three digits of your Social Security number (i.e., SSN) are “0” or “5” in the 10 area code, you can set up a single sign-on account.

Can I open an account if I have only checked and savings accounts at another bank or credit union?

Absolutely. All members of SYNCB PPC have the ability to create a multi-bank checking account. In this way, you can have separate checking and savings accounts at three different banks and credit unions. You can even use your debit card and your online banking.

Can I open a business account through SYNCB PPC?

Yes. All SYNCB PPC members have the ability to open a business checking and savings account. You can even use your debit card and your online banking.