What is SYNCB/PayPal?
SYNCB/PayPal is an abbreviation for Synchrony Bank/PayPal. It may appear on your credit report as a hard inquiry when you apply for a PayPal Credit account issued by Synchrony Bank. You might also see PayPal Credit listed as SYNCB/PPC on your credit report.
PayPal Credit, formerly known as Bill Me Later, is a popular payment method available on numerous merchant websites, including Apple, Best Buy, Home Depot, Hotels.com, JetBlue Airways, Overstock.com, Target, USPS, Walgreens, Walmart, and many more.
Understanding Hard and Soft Inquiries on Your Credit Report
Hard Inquiries
Hard inquiries take place when you apply for new credit, and the lender or creditor checks your credit report. Applications for mortgages, apartments, car loans, credit cards, insurance policies, cell phone contracts, or even some job applications can result in hard inquiries.
Hard inquiries typically only cause your credit score to drop by a few points. However, an accumulation of hard inquiries in a short period can significantly impact your credit score, potentially affecting your ability to secure loans or favorable interest rates.
Soft Inquiries
Soft inquiries 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 affect your credit score and are not visible to other lenders reviewing your credit report.
How long do hard inquiries stay on your credit report?
Hard inquiries, including those from SYNCB/PayPal, remain on your credit report for up to two years, regardless of whether you are approved for PayPal Credit. These inquiries are recorded by one or all three major credit reporting agencies: Equifax, Experian, and TransUnion.
Addressing Unauthorized Inquiries
If you discover an inquiry you don’t recognize or are certain you didn’t initiate, it’s crucial 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 of your credit report.
Removing SYNCB/PayPal 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 Control of Your Credit Situation
If you’re struggling with bad credit or want 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 find out what they can do for you and your credit health.
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