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These days, a lot of people fail to comprehend what SYNCB PPC is when they are reviewing their credit reports. People are puzzled as to what it stands for and why it is showing in their report. If you too are facing this issue out of the blue, then it could be due to a number of reasons. 

To put an end to this query, we have to come up with this blog. Below, we will discuss does PayPal credit affect credit score, what it is, and how you can remove it from your report. So, read on to find out!

What Is SYNCB/PPC?

The acronym SYNCB/PPC in credit reports stands for “Synchrony Bank/PayPal Credit. PayPal Credit is a credit line that only PayPal account holders can apply for. Previously, it was referred to as “Bill Me Later.” In 2018, Synchrony Bank purchased PayPal Credit accounts, along with the debt owed by those accounts. It means that the debt is now owed to the synchrony bank PayPal instead. If you had an account with Bill Me Later or PayPal Credit, then you should know that Synchrony Bank might now be reporting your account activity to the major credit bureaus.

Why Is SYNCB PPC On My Credit Reports?

Nowadays, people are reporting that their old Bill Me Later or PayPal Credit accounts are showing their reports. So, what led to this change? Let us tell you! When PayPal Holdings owned these accounts, they did not report them to the credit score monitoring services. Now that Synchrony Bank has taken the accounts on, it seems that they are getting reported to these bureaus. There are a bunch of different areas of your reports where you might see SYNCB/PPC. Here is how it might be showing up and what to do with it.

Hard Inquiries

If you have applied for a new PayPal Credit account, you will most likely see a hard inquiry for the account on your report. Synchrony PayPal bank will conduct a hard pull to check your credit as part of its evaluation of your application. Hard inquiries can have a bad impact on my credit score. What makes it even worse is that they can show up on your reports for up to two years or so.

If you did not apply for PayPal Credit and you have a hard inquiry related to SYNCB/PPC on your reports, it might be an indication that you are facing identity theft. If this is the case, you should take immediate action.

Active Or Closed Accounts

PayPal Credit accounts can also show on your credit reports in the account section as either closed or active accounts. If, at any point in your life, you had a PayPal Credit or Bill Me Later account, the active or closed account might’ve been reported to the credit bureaus. And now that Synchrony Bank owns these accounts, it can also lower or raise the credit lines and close accounts for inactivity. So, both of these factors can actually influence your credit scores.

There is one thing that you must be mindful of. If any of the accounts do not ring bells, you must immediately contact Synchrony Bank. It might be possible that there was a mistake or that someone illegally used your identity to apply. If you want to improve your credit score, then luckily, there are a lot of ways to do so. To know where to start, we suggest you seek help from experts at Gifted Financial Services.

Can I Remove SYBCB/PPC From My Credit Report?

Credit bureaus are not perfect, and mistakes on your credit reports do happen more often than you expect. However, you can easily point out any mistakes by ordering a free credit report from genuine credit score services. For instance, you can sign up at Gifted Financial Services, and you will have reports from the three major credit bureaus side by side. You can even do a free credit score check, but keep in mind that your score and report are two different things. Some of the most troublesome inaccuracies on a credit report come from fraud or identity theft. If someone else has applied for PayPal Credit using your personal information, that “Hard Pull” will definitely show up on your report.

How To Remove Inaccurate Hard Inquiries From Your Credit Reports

If a SYNCB/PPC credit card is showing on your reports, and you have never applied for it, then feel free to dispute it by contacting the credit bureaus online, by mail, or by phone. You need to specifically identify the unauthorized inquiries that you want removed and offer any supporting documents you have to build your case. In case of fraud, you might want to have a Federal Trade Commission identity theft report or a police report on hand. Moreover, it would be better for you to have any correspondence from PayPal itself that agrees with your claims. You must also directly contact the credit card company and inquire whether they know who applied for credit using your information. Make sure to document the conversation and request a transcript for when you submit a dispute to the bureaus.

If you do not feel comfortable disputing the inquiry yourself, you can get “Credit Breeze” from Gifted Financial Services. The experts will handle the entire situation for you without you having to lift even a finger. The best part is that you can easily track the entire progress.

Does PayPal Credit Affect Credit Score?

As we discussed earlier, PayPal will pull a hard credit search to check whether you qualify or not. This will result in a slight drop in your credit score ranges. However, if your application gets selected, your scores will recover in about six months. Once you get the approval, PayPal Credit will influence your scores just as any credit card. It means that your credit utilization ratio, payment history, and more are going to be reported to the credit referencing agencies. This does not mean that your scores will be lowered, as it depends mainly on how you manage your credit. You can build your credit just as you can damage it by using PayPal Credit.

Summing It Up!

Now, we know that if SYNCB PPC is showing on your report, there are different reasons behind it. The most genuine and commonly occurring one is that you have applied for a PayPal credit. It can either be due to fraud, some mistake at Synchrony Bank or PayPal’s end, or more. Therefore, it would be best for you to take safety measures such as checking your credit report on a daily basis and avoiding giving your personal details on any unreliable platform or to any unknown person. However, if you ever find yourself requiring help with these credit issues, we suggest you seek help from the experts at Gifted Financial Services. They will resolve all your concerns in a jiffy without you having to worry about them.