What is SYNCB/JCP?
SYNCB/JCP is a term you may encounter when examining your credit report. In this article, we’ll explore what SYNCB/JCP means, its connection with Synchrony Bank and JCPenney, and how it can impact your credit score.
SYNCB/JCP: The Link Between Synchrony Bank and JCPenney
SYNCB/JCP is a credit report code representing the partnership between Synchrony Bank and JCPenney. When you apply for a JCPenney credit card, which is issued by Synchrony Bank, a hard inquiry may appear on your credit report with the SYNCB/JCP label.
Hard Inquiries vs. Soft Inquiries: What’s the Difference?
To better understand the effect of SYNCB/JCP on your credit report, it’s important to distinguish between hard and soft inquiries.
The Impact of Hard Inquiries
A hard inquiry occurs when a lender or creditor checks your credit history as part of the decision-making process for new credit applications. Examples include mortgages, car loans, credit cards, insurance policies, and even some job applications. While a hard inquiry may only cause a slight drop in your credit score, having multiple inquiries within a short period can lead to more significant damage.
Soft Inquiries: A Less Intrusive Credit Check
A soft inquiry typically happens when a company checks your credit history for a background check, or when a credit card issuer or lender assesses your creditworthiness for prequalification. Soft inquiries also occur when existing creditors review your credit situation. Unlike hard inquiries, soft inquiries don’t affect your credit scores.
How long do hard inquiries stay on your credit report?
A hard inquiry, like SYNCB/JCP, remains on your credit report for up to two years, regardless of whether you’re approved for the JCPenney credit card. These inquiries are recorded by one or more of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Identifying Unauthorized Inquiries
If you find an unrecognizable inquiry on your credit report or are sure you didn’t make the inquiry, it’s crucial to contact Synchrony Bank to ask about the entry. The creditor’s name should appear under the hard inquiry section on your credit report.
Removing SYNCB/JCP from Your Credit Report
If SYNCB/JCP shouldn’t be on your credit report or if you’re facing other negative items affecting your credit, consider reaching out to credit repair experts like Lexington Law. With a track record of over 18 years, Lexington Law has assisted millions of clients in removing various negative items from their credit reports, including inquiries, late payments, collections, and more.
Take Charge of Your Credit Health
Understanding factors contributing to your credit score, such as hard and soft inquiries, is the first step towards improving your credit situation. If you’re struggling with bad credit, consider a free credit consultation with a reputable credit repair company like Lexington Law.
Visit their website, fill out the form, and start your journey towards better credit today.
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