What is SYNCB/NETWRK?
SYNCB/NETWRK is an abbreviation for Synchrony Bank, a financial institution that offers various credit products to consumers. Synchrony Bank is known for its partnerships with numerous retailers, providing store-branded credit cards and financing options.
Why is SYNCB/NETWRK on my credit report?
When SYNCB/NETWRK shows up on your credit report, it typically indicates that you have applied for a credit product through Synchrony Bank. The most common examples include the CareCredit credit card (used for healthcare financing), the Synchrony HOME card (for home improvement financing), and the Synchrony Car Care card (for automotive care and maintenance).
In addition to these specialized cards, Synchrony Bank also partners with a variety of retailers to provide store-branded credit cards.
The Impact of Hard Inquiries on Your Credit Score
When you apply for a new credit product, such as a credit card, mortgage, or loan, the lender or creditor will perform a hard inquiry on your credit report to assess your creditworthiness. This can result in a temporary drop in your credit score. While a single hard inquiry might only cause your credit score to decrease by a few points, multiple hard inquiries within a short period can have a more significant impact.
Soft Inquiries vs. Hard Inquiries
Unlike hard inquiries, soft inquiries do not affect your credit score. Soft inquiries often occur when a company conducts a background check or when a lender or credit card issuer prequalifies you for an offer. Existing creditors may also perform soft inquiries to monitor your current credit situation.
How long do hard inquiries stay on your credit report?
Hard inquiries remain on your credit report for up to two years. This is true whether you are approved for the Synchrony Bank credit card or not. The three major credit reporting agencies—Equifax, Experian, and TransUnion—record each hard inquiry.
Dealing with Unauthorized Inquiries
If you notice a SYNCB/NETWRK inquiry on your credit report that you don’t recognize or didn’t authorize, it’s crucial to contact Synchrony Bank and inquire about the reason for the inquiry. The creditor’s name should be listed under the hard inquiry section on your credit report.
Removing SYNCB/NETWRK from Your Credit Report
If you believe a SYNCB/NETWRK inquiry is incorrect or unauthorized, you may want to consider seeking help from a credit repair company, such as Credit Saint. In addition to removing inquiries, they can help dispute and potentially remove other negative items from your credit report, including late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Taking Action to Improve Your Credit
If you’re struggling with poor credit and want to explore your options, consider a free credit consultation with Credit Saint. They have assisted many individuals in similar situations and can help you determine the best course of action.
Visit their website and complete the form to see how they can help you improve your credit.
Ready to Raise Your Credit Score?
Learn how credit repair professionals can assist you in disputing inaccuracies on your credit report.
Here’s a list of some of the nation’s most common credit inquiries.
- CB INDIGO
- Citicards CBNA
- Comenity Bank/ATYLRLMC
- CoreLogic Credco
- CRDT First
- Credco Inquiry
- Credit Plus
- Elan Financial Services
- Equifax Mortgage Services
- Factual Data
- JPMCB Card Services
- MABT CONTFIN
- SYNCB AEVISA
- SYNCB/Amazon PLCC
- SYNCB/Ameg D
- SYNCB/TJX CO DC
- SYW MC/CBNA
- TD Bank Target
- TU Interactive
- Webbank Fingerhut
- WF Bank NA
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