What is SYNCB/PPMC?
SYNCB/PPMC is a credit report code that represents the financial relationship between Synchrony Bank and the PayPal Mastercard. Synchrony Bank has partnered with PayPal to issue the PayPal Mastercard, which provides users with various rewards and benefits.
Why is SYNCB/PPMC on your credit report?
If you see SYNCB/PPMC on your credit report, it’s likely due to a hard inquiry resulting from an application for a PayPal Mastercard issued by Synchrony Bank. When you apply for this card, Synchrony Bank checks your credit history to determine your eligibility, leading to a hard inquiry on your credit report.
Understanding Hard Inquiries vs. Soft Inquiries
It’s essential to differentiate between hard and soft inquiries as they have different effects on your credit score.
What is a hard inquiry?
A hard inquiry occurs any time you apply for new credit, and the lender or creditor runs a credit check. It can be for a mortgage, apartment, car loan, credit card, insurance policy, cell phone, or sometimes even a job application.
Hard inquiries will typically only drop your credit score by a few points. However, if you have too many, especially in a short period, they can start to add up and negatively impact your credit score.
What is a soft inquiry?
A soft inquiry typically occurs when a company checks your credit history as part of a background check. It can also happen when a credit card issuer or lender checks your credit to prequalify you for an offer. Sometimes a soft inquiry might even be pulled by an existing creditor just checking on your current credit situation. Soft inquiries do not have an impact on your credit scores.
How long do hard inquiries stay on your credit report?
Regardless of whether you’re approved for the PayPal credit card, the hard inquiry will remain on your credit report for up to two years. Hard inquiries are recorded by one or all of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Addressing Unauthorized Inquiries
If you find an unrecognized inquiry on your credit report or are confident you didn’t initiate the inquiry, contact Synchrony Bank to inquire about the details. The creditor’s name should be listed under the hard inquiry section on your credit report.
Can SYNCB/PPMC Be Removed from My Credit Report?
Credit Saint is a reputable firm specializing in removing inquiries and other inaccurate negative marks from your credit report. In addition to inquiries, they can help you dispute and possibly remove the following items from your credit report:
- late payments
- charge offs
Take Action: Remove Inquiries and Improve Your Credit
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.
Visit their website and complete the form to discover what they can do for you.
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