What is SYNCB/NTWK?
SYNCB/NTWK stands for Synchrony Bank Network and may appear on your credit report as a hard inquiry. This typically happens when you apply for a store-branded credit card issued by Synchrony Bank, which partners with various retailers to provide financing options for their customers.
Why SYNCB/NTWK Appears on Your Credit Report
When you apply for a credit card from one of Synchrony Bank’s retail partners, they conduct a hard inquiry to assess your creditworthiness. This inquiry is recorded on your credit report under the SYNCB/NTWK code and may cause a slight dip in your credit score.
How SYNCB/NTWK Hard Inquiries Affect Your Credit Score
Hard inquiries like SYNCB/NTWK can cause a small drop in your credit score. While a single inquiry usually has minimal impact, multiple hard inquiries in a short time can be more damaging. Lenders may interpret frequent inquiries as a sign of financial instability, making it harder for you to qualify for loans or favorable interest rates.
How Long SYNCB/NTWK Inquiries Stay on Your Credit Report
Hard inquiries from SYNCB/NTWK can remain on your credit report for up to two years. These inquiries are tracked by the three major credit bureaus: Equifax, Experian, and TransUnion. While they stay on your report for two years, their effect on your credit score diminishes over time, especially after the first year.
Addressing Unauthorized SYNCB/NTWK Inquiries
If you notice a SYNCB/NTWK inquiry on your credit report that you didn’t authorize or don’t recognize, it’s important to take action. Start by contacting Synchrony Bank to verify the source of the inquiry. Unauthorized inquiries could indicate potential identity theft or errors in reporting, both of which should be addressed promptly.
Synchrony Bank Contact Information
Address:
Synchrony Bank
PO Box 965035
Orlando, FL 32896-5035
Phone number: (877) 295-2080
Removing SYNCB/NTWK and Other Inquiries from Your Credit Report
If you believe the SYNCB/NTWK inquiry was unauthorized or negatively affecting your credit, you can dispute it with the credit bureaus. Credit repair companies like Credit Saint specialize in removing hard inquiries and other negative marks from credit reports, including late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Take Action to Improve Your Credit
If hard inquiries or other negative items are affecting your credit score, consider seeking assistance from Credit Saint. They offer free consultations and have experience helping clients remove inaccuracies and improve their credit. To take the first step, visit their website and fill out the consultation form.
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