What is TJXRewards/SYNCB?
TJXRewards/SYNCB is a term that represents the partnership between TJX Rewards and Synchrony Bank. This collaboration offers two credit cards, the TJX Rewards Credit Card and the TJX Rewards Platinum Mastercard, which can be used to earn rewards at TJ Maxx, Marshalls, HomeGoods, and Sierra Trading Post stores.
Why is TJXRewards/SYNCB on your credit report?
You might find TJXRewards/SYNCB listed on your credit report due to a hard inquiry. This typically occurs when you apply for either the TJX credit card issued by Synchrony Bank.
Whenever you submit an application for a new credit card, the bank performs a credit check to determine your eligibility, resulting in a hard inquiry on your credit report.
Hard Inquiries vs. Soft Inquiries
When discussing credit reports, it’s essential to understand the difference between hard inquiries and soft inquiries.
Hard inquiries occur when a lender or creditor runs a credit check for a new credit application, while soft inquiries typically happen during background checks, prequalifications, or periodic account reviews by existing creditors. The crucial distinction is that hard inquiries can negatively impact your credit score, while soft inquiries do not.
How long do hard inquiries stay on your credit report?
Regardless of whether your TJX Rewards credit card application is approved or denied, the hard inquiry will stay on your credit report for up to 2 years. Each inquiry is documented by one or more of the three major credit reporting agencies—Equifax, Experian, and TransUnion.
Addressing Unauthorized Inquiries
If you come across an unfamiliar inquiry on your credit report or are certain that you did not initiate the inquiry, you should contact Synchrony Bank to inquire about the reason for the inquiry. The creditor’s name, in this case, TJXRewards/SYNCB, should appear under the hard inquiry section on your credit report.
Other Reasons TJXRewards/SYNCB May Be on Your Credit Report
Apart from the hard inquiry resulting from a credit card application, there are a few other reasons why TJXRewards/SYNCB might appear on your credit report:
- Account Updates: Synchrony Bank might report your credit card account’s status and activity to credit bureaus, including your credit limit, balance, and payment history. Regular reporting of this information is standard practice for most credit card issuers.
- Account Delinquency: If you fail to make timely payments on your TJX Rewards Credit Card or TJX Rewards Platinum Mastercard, Synchrony Bank may report the delinquency to the credit bureaus, which can negatively impact your credit score.
- Debt Collections: In cases of severe delinquency or default, Synchrony Bank may refer your account to a collection agency. This action can also result in a negative mark on your credit report, as the collection agency may report their involvement to the credit bureaus.
- Account Closure: If your TJX Rewards Credit Card or TJX Rewards Platinum Mastercard account is closed, either by you or Synchrony Bank, it may be reported to the credit bureaus. A closed account can impact your credit score, depending on factors such as the age of the account and your overall credit utilization.
How to Remove TJXRewards/SYNCB from Your Credit Report
If you believe that a TJXRewards/SYNCB hard inquiry on your credit report is inaccurate, you can seek assistance from a credit repair company, such as Credit Saint.
With years of experience and many removals under their belt, they can help dispute and potentially remove negative marks on your credit report, including:
- late payments
- charge offs
Take Control of Your Credit Today
Maintaining a healthy credit score is crucial for your financial well-being. If you need assistance in repairing your credit, working with a reputable credit repair company like Credit Saint can be a wise investment in your financial future.
Visit their website and fill out the form to see how they can help you achieve your credit goals.
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