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You’ve learned to read your credit report and you check it once a year or so, as recommended by the Consumer Financial Protection Bureau. This time you catch something you’ve never seen before: SYNCB/PPC.
What exactly is SYNCB/PPC, why is it on your credit report and what should you do about it? Here’s what you need to know.
What is SYNCB/PPC?
If you see “SYNCB/PPC” on your credit report, it means Synchrony Bank/PayPal Credit. This is how your PayPal credit account appears on your credit report since Synchrony Bank purchased consumer credit receivables from PayPal in mid-2018. This means that Synchrony Bank provides credit and financial services for credit accounts PayPal. If you have never applied for a SYNCB/PPC credit card, this is cause for concern.
Another reason this account could end up on your credit report is if you had a Bill Me Later account. Prior to its 2014 rebranding, PayPal Credit was known as Bill Me Later. These are the accounts that Synchrony Bank purchased. If this situation does not apply to you, you should check your credit report for any other suspicious activity.
How does SYNCB/PPC affect my credit?
Simply having SYNCB/PPC information on your credit report does not affect it one way or another. Many factors go into determining your credit score, and different reporting agencies use different formulas. Remember that you have more than one credit score and different companies rely on different reporting agencies.
If the account is very new, default or maxed out, this will lower your score. On the other hand, if your SYNCB/PPC account is older and infrequently used, it might increase your score to leave the account open.
When should you have SYNCB/PPC removed from your credit reports?
If you are sure that you have never opened a PayPal Credit account or a Bill Me Later account, you should absolutely dispute the information. Start by filing a police report, then notify the major credit reporting agencies. This will start the account deletion process and make it harder for anyone who opened it under your name to do anything else.
If you opened the account recently and don’t think you’ll use it or opened it accidentally, you might be better off closing it. It will increase your average credit age, but it won’t remove the hard ask. Serious inquiries remain on your Equifax credit file for two years.
You can only remove serious inquiries from your credit report if they are fraudulent. Otherwise, you have to wait for them to fall naturally, even if the account is closed.
Learn about your credit reporting rights by using consumer resources on the Consumer Financial Protection Bureau website. Some companies hire others for their credit services, but if you ever see something you’re unsure about on your credit report, always investigate. Freezing your credit is easy, free, and can protect your credit if you’re still worried.
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