If the acronym “SYNCB PPC” shows up on your credit report, it is usually caused by a PayPal Credit account being acquired by a bank. The bank, in turn, started reporting the accounts to each of the three consumer credit bureaus.
What is SYNCB PPC?
SYNCB PPC stands for Synchrony Bank/PayPal Credit. You may see this on your credit report if you’ve applied for PayPal Credit, formally known as “Bill Me Later” account in the past. PayPal Credit is a line of credit that PayPal account holders can apply for.
After Synchrony Bank bought PayPal Credit from PayPal in 2018, the buy-out included any debt owed to PayPal. Now, all of those PayPal bills are owed to Synchrony instead of PayPal. While a consumer might never have intended to begin or continue a relationship with Synchrony Bank, PayPal cards have the right to underwrite with any bank of its choosing for its credit card product.
Why is SYNCB PPC on my credit report?
After checking their credit, many people have reported that their old PayPal accounts are appearing on their reports for the first time. It is unlikely that PayPal Holdings was reporting these accounts to the three consumer credit bureaus.
When these financial services offered by PayPal were acquired by Synchrony Bank, they began reporting them to the bureaus. You may see the acronym “SYNCB PPC” on your credit report in several different areas. Read on to find out why or download Cambio for a free credit report analysis:
Hard inquiries
If you have recently applied for a PayPal Credit account, you will see a hard inquiry on your credit report. As part of the application process and to determine your credit limit, Synchrony Bank will do a hard credit pull to check your credit.
It is important to note that a hard pull can affect your credit scores and may even hurt your credit.
In the event that you did not apply for a PayPal Credit account and there is a hard inquiry with SYNCB PPC on your report, you may be facing identity theft. If this occurs, please take action immediately to protect your personal financial information from further invasion. Click here to see how we can help you dispute unauthorized inquires on your credit report.
Active and closed accounts
A PayPal Credit account may also appear on your credit report in the accounts section as an active, or as a closed, account. If you previously had an account with PayPal and later closed the account, or have an active account, it may have just been reported to the credit bureaus for the first time.
Because of Synchrony Bank’s acquisition of PayPal Credit, they now have the ability to close any accounts for inactivity and change credit limits. Again, all of these things can impact your credit score.
As stated previously, if the account seems suspicious and you do not remember opening an account with PayPal Credit, contact Synchrony Bank. All of these are red flags that there is a mistake on your credit report or that they were applied for fraudulently.
Account you do not recognize on your credit report?
If you do not recognize the PayPal Credit inquiry or the account, you may be a victim of identity theft. If you suspect this, take action as soon as possible to help minimize any damage to your credit. Sadly, most people who realize that this listing is on their credit history, it’s usually because the person’s score has dropped or they have been denied credit.
It is also a great idea to regularly check your credit reports, especially since you can get your free credit score periodically from each of the credit bureaus.
Credit Repair Companies like Cambio can help remove listings that have a negative impact on your credit score in the event that an error in reporting or record keeping has occurred.
An item like this could be hurtful to your credit score. Download Cambio for a FREE credit analysis and find out!
