What is SYNCB/CARECR on your credit report?
SYNCB/CARECR is a code that may appear on your credit report if you’ve applied for a CareCredit credit card, which is issued by Synchrony Bank. CareCredit is a specialized credit card designed to help you cover medical and healthcare expenses that may not be covered by insurance. This code indicates that Synchrony Bank has reviewed your credit information as part of the application process.
Understanding why this code shows up on your report can help you better manage your credit.
Why SYNCB/CARECR Appears After a CareCredit Application
When you apply for a CareCredit credit card, Synchrony Bank conducts a credit check, which results in a hard inquiry recorded on your credit report under the code SYNCB/CARECR. Hard inquiries like this are a normal part of applying for new credit and indicate that a lender has evaluated your credit history to determine whether you qualify for the card.
Even if your application isn’t approved, the inquiry will still appear on your report, showing that you have recently applied for credit.
How SYNCB/CARECR Hard Inquiries Affect Your Credit Score
A hard inquiry from SYNCB/CARECR can cause a small drop in your credit score, typically by just a few points. While one or two inquiries may not have a significant impact, multiple hard inquiries within a short timeframe can add up, leading to a more noticeable decrease in your score. Lenders might see several inquiries as a sign that you’re actively seeking credit, which could raise concerns about your financial stability.
To protect your credit score, it’s wise to limit the number of credit applications you submit and apply only when necessary, especially if you’re planning larger financial moves in the near future.
How Long SYNCB/CARECR Stays on Your Credit Report
Hard inquiries like SYNCB/CARECR remain on your credit report for up to two years. During this time, they are visible to lenders who may review your credit history when you apply for additional credit. Although the effect of a hard inquiry on your score diminishes over time, the inquiry remains on your report until it automatically drops off after 24 months.
Monitoring your credit report regularly can help you stay informed about these inquiries and manage your overall credit profile effectively.
Addressing Unauthorized SYNCB/CARECR Inquiries
If you notice a SYNCB/CARECR inquiry on your credit report that you don’t recognize, it’s important to address the issue promptly. Unauthorized inquiries can sometimes indicate errors or potential identity theft. Here’s how you can handle the situation:
- Contact Synchrony Bank: Start by reaching out to Synchrony Bank to verify the details of the inquiry. They can confirm whether the inquiry was made correctly or if there was an error.
- Dispute the inquiry with the credit bureaus: If the inquiry was unauthorized, you should file a dispute with the major credit bureaus—Equifax, Experian, and TransUnion. Successfully disputing unauthorized inquiries can help protect your credit score and ensure that your report is accurate.
- Consider additional security measures: If you suspect identity theft, consider placing a fraud alert or credit freeze on your report to prevent further unauthorized activity.
Removing SYNCB/CARECR from Your Credit Report
If the SYNCB/CARECR inquiry was not authorized or was recorded incorrectly, you can dispute it with the credit bureaus to have it removed. Taking action to remove unauthorized inquiries is essential for maintaining a clean credit report and protecting your credit score.
While you can manage disputes on your own, credit repair companies like Credit Saint can assist with the process. These professionals specialize in removing inaccurate or unauthorized entries from credit reports, such as hard inquiries, late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Taking Action to Improve Your Credit
If you’re struggling with bad credit and want to learn more about repairing your credit, consider a free credit consultation with Credit Saint. Their team of experts can assess your credit situation and help you develop a plan to improve your credit health.
Visit their website and fill out the form to see what they can do for you.
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