Have you come across a new entry on your credit report from eBay Mastercard/SYNCB?
If so, you’ve probably noticed a slight drop in your credit score along with it.
That’s because applying for a credit card, loan, or in this case a Mastercard, often results in banks and lenders checking your credit report.
While one hard inquiry will only do minimal damage, a slew of credit applications can seriously lower your score.
If you’re wondering how exactly hard inquiries work and want to get them deleted from your credit report, read on for some quick pointers.
One of the world’s most popular e-commerce platforms, eBay offers a highly rewarding Mastercard account to customers, with cashback rewards for purchases made on and off eBay.
When you read the fine print below eBay’s Mastercard promotion, you’ll see that applying for one of these cards requires a hard credit check.
If eBay Mastercard/SYNCB has popped up on your credit report, it’s most likely because you applied for the card.
eBay Mastercards are issued by Synchrony Bank, a massive national bank offering several retail cards.
How Long Will a Hard Credit Check Stay on My Report?
First things first, a hard credit check will remain on your report for two years if it isn’t removed.
If you aren’t familiar with how credit checks work, there are two types of inquiries: hard and soft.
When you shop for online quotes or seek to get pre-approved for loan rates, the process should only involve a soft credit check, which simply verifies your credit score without lowering it.
On the other hand, when you complete an application for some form of credit or other financial product, your report may undergo a hard inquiry.
That’s where the lender or financial institution requests your full credit report from one or all of the major credit bureaus to vet you and assess the risk involved in approving your application.
Any one of the three major bureaus could be contacted for your report, so your TransUnion, Experian, or Equifax scores could be lowered.
A hard inquiry may only drop your score by a point or two, but if you have several inquiries and other negative entries on your report, it might lower your score more significantly.
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How to Remove eBay Mastercard/SYNCB from Your Credit Report
Want to get a hard inquiry deleted from your credit report?
Here are a couple of strategies that may effectively get eBay MasterCard deleted ASAP.
Dispute the Inquiry with the Bureaus and the Bank
Reporting accidents happen. If you never applied for an eBay Mastercard, then you should dispute the inquiry on your report in order to get it deleted.
If something’s amiss and you wind up with a hard inquiry on your report that you never consented to, you should be able to get it removed.
The Fair Credit Reporting Act of 1990 grants you the rights to dispute the entry within 30 days of its addition to your credit report.
All you need to do is send SYNCB a letter disputing their claim. You can also mail a letter of dispute to the bureaus.
Pro Tip: To keep up with changes to your credit score and address inaccuracies quickly, sign up for a free credit monitoring service.
A platform like Credit Sesame or Credit Karma will send you alerts whenever there are changes to your score or additions to your report.
Hire a Credit Repair Company to Help Get the Entry Deleted
Depending on the extent of your credit problems, hiring a credit repair company can be an extremely worthwhile investment in improving your finances and enhancing your future borrowing power.
Credit repair companies are staffed with individuals who are experts at confronting lenders, debt, collectors, and the credit bureaus to improve your credit score.
They can analyze your credit report to see what’s hurting your score and implement a strategy to boost it.
If your report features an inaccurate entry from eBay Mastercard/SYNCB, they’ll get to the bottom of it, disputing the claim and making sure that it gets deleted from your report.
They can also help with a whole host of other more serious credit problems, such as:
- Charge offs
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Getting eBay Mastercard/SYNCB Deleted from Your Report
Good news: Applying for a Mastercard with eBay rewards won’t tank your credit score. In fact, it’ll be gone completely in two years.
Even more good news: You may be able to get the entry deleted from your report sooner than that if you dispute the inquiry.
If you didn’t apply for an eBay MasterCard, a quick letter disputing the inquiry could solve everything.
However, if you’d rather not have to deal with customer service calls and dispute letters yourself, you have access to several top-notch credit repair companies.