What does SYNCB/MC mean on your credit report?
SYNCB/MC is an abbreviation for Synchrony Bank/Mastercard. If this code appears on your credit report, it usually indicates that you applied for a store credit card issued by Synchrony Bank. Store cards backed by Synchrony often carry the Mastercard brand, which is why this code is linked to a credit inquiry on your report.
When you apply for one of these cards, Synchrony Bank conducts a credit check, resulting in a hard inquiry.
Why SYNCB/MC Shows Up on Your Credit Report
The appearance of SYNCB/MC on your credit report is tied to a hard inquiry. This happens when you apply for a store credit card backed by Synchrony Bank and associated with Mastercard. Whether your application is approved or denied, the inquiry remains on your report as a record that your credit was checked by the lender.
Such inquiries can lower your credit score slightly, making it important to limit how often you apply for new credit.
How SYNCB/MC Inquiries Can Affect Your Credit
A hard inquiry from SYNCB/MC can reduce your credit score by a few points. While this may seem minor, accumulating multiple hard inquiries within a short period can have a greater impact. Lenders view numerous inquiries as a sign that you may be seeking too much credit too quickly, which could indicate financial instability.
If you are planning larger financial moves, like securing a mortgage or auto loan, it’s best to minimize the number of credit applications you submit to prevent your score from being negatively affected.
How Long SYNCB/MC Stays on Your Credit Report
Once a hard inquiry like SYNCB/MC appears on your credit report, it stays there for up to two years. The initial impact on your credit score is typically most noticeable within the first few months but lessens over time. After the two-year period, the inquiry will automatically be removed from your report and will no longer affect your score.
While hard inquiries are unavoidable when applying for new credit, it’s a good idea to keep them to a minimum, especially if you are planning on applying for additional credit soon.
Steps to Handle Unauthorized SYNCB/MC Inquiries
If you notice an SYNCB/MC inquiry on your report that you didn’t initiate, it’s important to address the situation quickly. Unauthorized inquiries can sometimes indicate identity theft or errors in reporting. Here’s what to do:
- Reach out to Synchrony Bank: Contact Synchrony Bank to verify the details of the inquiry. They can provide information on why the inquiry was made and help determine if it was legitimate or an error.
- File a dispute with the credit bureaus: If Synchrony Bank confirms that the inquiry was unauthorized, you should file a dispute with the major credit bureaus—Equifax, Experian, and TransUnion. This can help remove the inquiry from your report.
- Monitor your credit: Keep an eye on your credit report to catch any unauthorized activity early. Regular monitoring can help you protect your credit from further potential damage.
Can SYNCB/MC be removed from my credit report?
If the SYNCB/MC inquiry on your report was unauthorized or incorrectly reported, you can dispute it with the credit bureaus to have it removed. Removing unauthorized inquiries can help protect your credit score from unnecessary harm.
Credit Saint specializes in removing inquiries and other inaccurate, negative marks on your credit report. With over 15 years of experience, they have a proven track record of removing incorrect entries for many clients.
Disputing and Removing Negative Items
They can also help you dispute (and possibly remove) the following items from your credit report:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Action: Improve Your Credit Today
If you’re struggling with bad credit and want to learn more, consider a free credit consultation with Credit Saint. They have helped many people in your situation improve their credit scores.
To see what they can do for you, visit their website and fill out the form to request a free credit consultation. By taking action today, you can work towards a better financial future with an improved credit score.
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