What is SYNCB/PayPal?
SYNCB/PayPal is an abbreviation for Synchrony Bank/PayPal. It may appear on your credit report as a hard inquiry when you apply for a PayPal Credit account issued by Synchrony Bank. You might also see PayPal Credit listed as SYNCB/PPC on your credit report.
PayPal Credit, formerly known as Bill Me Later, is a popular payment method available on numerous merchant websites, including Apple, Best Buy, Home Depot, Hotels.com, JetBlue Airways, Overstock.com, Target, USPS, Walgreens, Walmart, and many more.
Why SYNCB/PayPal Appears on Your Credit Report
If you notice SYNCB/PayPal on your credit report, it’s likely because you’ve applied for a PayPal Credit account, which is issued by Synchrony Bank. This account allows users to finance their purchases and pay them off over time, making it a popular option for online shopping. The presence of SYNCB/PayPal on your credit report indicates that a credit check was performed as part of the application process.
Impact of SYNCB/PayPal Hard Inquiries on Your Credit Score
Whenever you apply for credit, including a PayPal Credit account, the lender performs a hard inquiry on your credit report. This inquiry can cause a minor decrease in your credit score. While a single hard inquiry may only reduce your score by a few points, multiple inquiries in a short time frame can have a more significant impact, potentially making it harder to get approved for new credit.
How Long SYNCB/PayPal Stays on Your Credit Report
Hard inquiries like SYNCB/PayPal remain on your credit report for up to two years. These inquiries are recorded by the three major credit reporting agencies—Equifax, Experian, and TransUnion. Although they stay on your report for two years, their impact on your credit score diminishes over time.
Handling Unauthorized SYNCB/PayPal Inquiries
If you find a SYNCB/PayPal inquiry on your credit report that you don’t recognize, it’s essential to investigate further. Start by contacting Synchrony Bank to understand why the inquiry was made. If you determine that the inquiry was unauthorized, you can dispute it with the credit bureaus to have it removed from your credit report.
Removing SYNCB/PayPal and Other Inquiries from Your Credit Report
Credit repair companies like Credit Saint specialize in removing inquiries and other negative items from your credit report. In addition to helping you dispute and potentially remove hard inquiries, credit repair companies can also assist with disputing and removing:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Control of Your Credit Situation
If you’re struggling with bad credit or want to learn more about removing hard inquiries from your credit report, consider a free credit consultation with a reputable credit repair company like Credit Saint. They have extensive experience helping people in similar situations and can offer guidance tailored to your unique circumstances.
To get started, visit their website and complete the consultation request form to find out what they can do for you and your credit health.
Ready to Clean Up Your Credit Report?
Learn how credit repair professionals can assist you in disputing inaccuracies on your credit report.
