What is SYNCB/NTWK?
SYNCB/NTWK, or Synchrony Bank Network, is a term that may appear on your credit report as a hard inquiry. This typically happens when you apply for a store credit card through Synchrony Bank, a financial institution that partners with numerous retailers to offer store-branded credit cards.
The Difference Between Hard and Soft Inquiries
Hard Inquiries
A hard inquiry occurs when a lender or creditor checks your credit report because you have applied for new credit. These inquiries can happen for various reasons, including mortgage applications, car loans, credit card applications, insurance policies, cell phone contracts, or even job applications in some cases.
Hard inquiries can have a small negative impact on your credit score, usually only dropping it by a few points. However, accumulating too many hard inquiries in a short period can significantly affect your credit score and make it more difficult to qualify for loans or favorable interest rates.
Soft Inquiries
Soft inquiries, on the other hand, occur when a company checks your credit history as part of a background check or when a credit card issuer or lender prequalifies you for an offer. Existing creditors might also pull a soft inquiry to monitor your current credit situation.
Unlike hard inquiries, soft inquiries do not impact your credit score and are not visible to other lenders who review your credit report.
How long do hard inquiries stay on your credit report?
Hard inquiries, like those from SYNCB/NTWK, will stay on your credit report for up to two years. This is true regardless of whether you are approved for the Synchrony Bank credit card. The three major credit reporting agencies—Equifax, Experian, and TransUnion—all record hard inquiries on your credit report.
Dealing with Unauthorized Inquiries
If you come across an inquiry you don’t recognize or are certain you didn’t make, it’s essential to contact Synchrony Bank and inquire about the reason for the hard inquiry. The creditor’s name should be listed in the hard inquiry section on your credit report.
Removing SYNCB/NTWK and Other Inquiries from Your Credit Report
Credit repair companies like Credit Saint specialize in removing inquiries and other negative items from your credit report. In addition to helping you dispute and potentially remove hard inquiries, credit repair companies can also assist with disputing and removing:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Action to Improve Your Credit
If you’re struggling with bad credit or would like to learn more about removing hard inquiries from your credit report, consider a free credit consultation with a reputable credit repair company like Credit Saint. They have extensive experience helping people in similar situations and can offer guidance tailored to your unique circumstances.
To get started, visit their website and complete the consultation request form to discover what they can do for you and your credit health.
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