Is an entry from Abt Synchrony hurting your credit score?
When you apply for a credit card, it results in a hard inquiry, which can lower your score for two years.
While one hard credit check won’t do too much damage to your score, several inquiries can have a bigger impact.
Whether you applied for an Abt Electronics credit card or there’s been a reporting error, read on to learn more about hard inquiries and how to potentially get them removed from your report.
Abt Synchrony On My Credit Report
Synchrony is a popular bank that offers several savings and investment account options.
It is most popular for its credit cards, partnering with dozens of big-name service providers and retailers to offer rewarding credit cards.
Abt Electronics is a popular appliance and electronics retailer that offers 6, 12, and 24-month financing with its Synchrony credit cards.
If ABT Synchrony is on your report, it’s probably because you applied for one of these cards.
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How to Remove Abt Synchrony from Your Credit Report
In some cases, it’s possible to get a hard inquiry deleted from your credit report.
If someone applied for a credit card using your information, the Fair Credit Reporting Act of 1990 can help you out.
Here are a few pointers for dealing with Synchrony and getting the entry removed.
Dispute the Entry with Synchrony and the Credit Bureaus
If you didn’t apply for an Abt Electronics card from Synchrony, you should dispute the hard inquiry on your report.
From the day the inquiry appears on your report, you have 30 days to dispute it if you believe there has been a reporting error or case of identity fraud.
You can start by sending a brief dispute letter to Synchrony. In response, they are expected to provide you with details about your application.
If they are unable to come up with adequate documentation and it’s clear that you didn’t apply for the card, they should report to the credit bureaus and have the entry deleted.
In addition to contacting Synchrony, you may want to send a letter of dispute to the credit bureaus, alerting them to the situation.
Pro tip: Sign up for a free credit monitoring app, so you never miss the addition of a negative entry to your report.
Get Help from the Pros
Don’t want to dispute hard inquiries on your own?
In some cases, it may be best to turn to a credit repair company.
These companies are well-equipped to evaluate and improve your score, confronting creditors, and bureau representatives to get to the bottom of your credit issues.
They can assist you with a lot more than a hard inquiry, with expertise in:
- Charge offs
- Debt collectors
- Payment history
Whether your issues are minor or more extreme, a credit repair company can create a plan that works for you.
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How Does a Hard Inquiry Work?
When you use a free credit monitoring service to check your score or get a few quotes for a mortgage or auto loan, your credit report undergoes a soft inquiry.
Soft inquiries are merely used to verify your score and don’t affect it negatively.
A hard inquiry, on the other hand, happens when you actually apply for a loan or a credit card.
When you submit an application for a product like the Abt Synchrony card, the company is allowed to access your full credit reports from any one or all of the major credit bureaus (TransUnion, Equifax, and Experian).
Your credit report gives lenders a sneak peek into how you’ve used credit in the past to determine whether or not your application should be approved.
This type of entry will remain on your report for 2 years, having less of an effect on your credit score as time passes.
To limit the negative effects of hard inquiries, you should check into the approval odds for different cards and loans before you submit any applications.
That way, you won’t waste time (and points) on a product you aren’t likely to be approved for.
Credit monitoring services are great at curating offers that are tailor-made for you based on your credit profile.
Another way to limit the damage done by hard inquiries is to submit multiple applications for the same type of loan to a 14-day window.
It will ensure you get the best rates available to you and shouldn’t lower your score for each application.
Getting Abt Synchrony Deleted from Your Report
One credit card application shouldn’t do irreparable damage to your credit. In most cases, a single hard inquiry will only drop your score by a few points.
And it won’t even factor into your credit two years from now. That being said, even if the damage is minimal, you should always look into a hard inquiry if you suspect fraud.
If someone got a card using your identity, they could use it to do even more harm to your credit.
For assistance tackling inaccuracies on your report, take a look at our list of the top credit repair companies.
They’ll help you to improve your score quickly, with little inconvenience to you.