Coming across a name you don’t recognize on your credit report can be alarming.
That’s the case for many consumers when they find an entry from SYNCB/PPC.
However, the acronym is actually short for two popular companies, Synchrony Bank and PayPal Credit, formerly PayPal Bill Me Later.
If you’ve ever used PayPal’s credit or applied for an account, it can show up on your credit report.
Below, we’ll break down how PPC works, why it might be showing up on your credit report, and how you may be able to get it removed.
SYNCB/PPC On My Credit Report
If you have a PayPal account and applied for or used the platform’s line of credit, then the SYNCB/PPC entry on your report could be completely legitimate.
SYNCB is short for Synchrony bank. Among its extensive lineup of banking products, the institution offers credit cards in partnership with dozens of big-name brands and retailers.
The bank purchased PayPal Credit in 2018, along with any of the debt owed to PayPal from a PayPal Credit account.
Formerly PayPal Bill Me Later, PayPal Credit is a reusable line of credit. Rather than requiring a credit card, it’s digital like the PayPal platform and can be used anywhere that accepts PayPal payments.
The credit line gives you interest-free financing for 6 months on purchases that are $99 or more.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
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Why Is SYNCB/PPC On My Credit Report?
SYNCB/PPC could be on your report for a number of reasons. Many consumers have reported that the account has only recently appeared on their report after years of being open.
This could be due to the fact that PayPal Holdings did not report accounts and applications to the credit bureaus.
Since Synchrony acquired these accounts, they have begun reporting account activity to the bureaus.
SYNCB/PPC could show up in one of the following areas on your credit report.
Whenever you apply for a line of credit, credit card, or loan, the lender will likely obtain your credit report as a means of vetting you.
As a result, a hard inquiry will be added to your credit report.
If you ever applied for a PayPal Credit account, you don’t need to stress over an inquiry from SYNCB/PPC.
These inquiries are a basic requirement for getting approved for new loan and credit offers.
Hard inquiries can lower your score slightly, but they fall off your report altogether once two years have passed.
SYNCB/PPC can also appear on your report in the account section.
Whether you have an active PayPal Credit account now or you had one in the past that is no longer open, the account may be reported to the credit bureaus.
Open and closed accounts can affect your credit limits, the number of accounts, and payment history, meaning they could raise or lower your score.
Even if your account has been closed or inactive for a while now, it could be appearing on your report now that Synchrony is reporting to the bureaus.
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How to Remove SYNCB/PPC from Your Credit Report
Whether you had an open account or not, if you ever applied for a line of credit from PayPal, you probably won’t be able to get it removed from your credit report.
However, if you don’t recognize the name and don’t recall applying for an account, you could get the hard inquiry or account deleted from your report.
Here are a few pointers.
Dispute the Entry with Synchrony and the Bureaus
If you’ve never applied for a credit account with PayPal, it shouldn’t be on your report. There’s a chance that the account could be there as the result of:
- A simple reporting error
- Identity theft
In either case, you should take immediate action by disputing the entry with the credit bureaus and Synchrony.
You can mail in a letter of dispute, which ensures you have documentation of your interactions with the bureaus.
You can also submit a dispute online or over the phone. If you didn’t apply for an account or ever open one, your dispute should result in the removal of the account from your credit report.
With some disputes being time-sensitive, it’s important to stay alert to changes to your score as they occur.
To track your score, you should consider using a free credit monitoring platform. A service like Credit Karma can notify you anytime there’s a change to your report or score, give you tips, and help you file a dispute.
You also get one full copy of your credit report per year from annualcreditreport.com for a more thorough look.
Use a Credit Repair Company
Depending on how complex your credit issues are, you might want to look into working with a credit repair company.
With one of these companies, you’ll get expert service tailored to your unique credit profile.
They’ll determine which issues are impacting your score the most and work to remove inaccuracies.
That means you don’t have to worry about filing disputes yourself.
In addition to dealing with inaccurate entries on your report, they can assist you with:
- Charge offs
- Collections-stage debts
- Late payments
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Getting SYNCB/PPC off Your Credit Report
Bottom line: If you didn’t ever apply with PayPal, you should dispute the entry. Depending on your circumstances, you could benefit from the services of one of the top credit repair companies.
However, if you applied for a PayPal Credit account or ever utilized one, you don’t need to be alarmed by the new entry from Synchrony and PPC on your report.
Even though it’s unpleasant to see your score drop, it can be an unavoidable consequence of applying for or opening an account.
Knowledge is power. Instead of dwelling on the impact of a past financial decision, focus your efforts on what you can do to improve your score in the future, like making payments on time and limiting your new credit applications.