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What is SYNCB/PPC on my credit report?
SYNCB/PPC stands for Synchrony Bank/PayPal Credit.
In 2018, Synchrony Bank (a large banking and financial services company) acquired PayPal Credit, which was formerly known as Bill Me Later. 1 PayPal Credit is a service offered by PayPal that’s similar to a credit card, the main difference being that it’s provided entirely online.
This means that if you’ve signed up for PayPal Credit or the PayPal Cashback Mastercard®, items labeled SYNCB/PPC may appear on your credit report, and your PayPal Credit account will affect your credit score.
Note that PayPal Credit might not have reported your account to the credit bureaus before Synchrony Bank took over, which may explain why you’re only now seeing them on your credit report even if you’ve been using PayPal Credit for a long time.
Synchrony Bank’s other affiliates
If SYNCB is showing up on your credit report but you don’t have a PayPal account, then odds are, they’re managing one of your other accounts. Synchrony Bank is the largest provider of private-label credit cards in the United States, and they own the rights to dozens of credit cards on both the Visa and Mastercard networks. 2 3
If you see anything labeled with the abbreviation SYNCB on your credit report, it’s probably related to a line of credit with one of Synchrony Bank’s affiliates.
Is SYNCB/PPC a scam?
No, SYNCB/PPC isn’t a scam. Synchrony Bank and PayPal Credit are legitimate organizations. If they’re on your credit report, it probably indicates that you have an account with them or they checked your credit.
If you’re certain that there’s activity on your credit report under SYNCB/PPC that shouldn’t be there, it’s possible you’ve been the victim of identity theft.
We’ll discuss the reasons (both legitimate and fraudulent) that SYNCB/PPC might be on your credit report in more detail in the next section.
Why is SYNCB/PPC on my credit report?
SYNCB/PPC can appear on your credit report for a number of reasons, some negative and some harmless. It’s possible for it to show up even if you don’t have a PayPal Credit credit account.
Here are some reasons why SYNCB/PPC might be on your credit report:
1. Synchrony Bank checked your credit
You’ll see SYNCB/PPC on your credit report if Synchrony Bank ran a credit check to determine whether or not to extend credit to you. This type of credit check can appear as a hard inquiry or a soft inquiry.
- Hard inquiries: These generally appear on your credit report when you apply for new credit, such as credit cards, store cards, or installment loans. For example, if you applied for a PayPal Credit credit card, Synchrony Bank probably triggered a hard inquiry when reviewing your application.
- Soft inquiries: These show up on your credit report when someone checks your credit but you’re not actually in search of new credit. For example, if you received an unsolicited offer letter in the mail for a credit card issued by Synchrony Bank, then they may have triggered a soft inquiry during the prequalification process.
Thankfully, soft inquiries won’t affect your credit score. Hard inquiries usually lower your credit score by several points, but the effect won’t last more than a year, and the inquiry will fall off your credit report entirely after two years. Note that you usually can’t remove a hard inquiry early unless the bureau added it to your report by mistake.
2. You have a PayPal Credit credit account
SYNCB/PPC will appear on your credit report if you currently have or previously had a PayPal Credit credit account. Even if you closed your account, SYNCB/PPC can stay on your credit report for 7 years (if the account was delinquent due to missed payments) to 10 years (if the account was in good standing).
You might find your PayPal Credit credit account marked as closed even if you never took any active steps to close it. This can happen due to account inactivity—it’s common for lenders to close credit accounts if they haven’t been used for a while.
3. You’re an authorized user on someone else’s PayPal Credit credit account
SYNCB/PPC can show up on your credit report if someone else added you as an authorized user to their own PayPal Credit credit account.
You might have been named as an authorized user by your:
- Business partner
If someone designated you as an authorized user on their PayPal Credit credit account, their activities on the account could affect your credit score.
If the primary cardholder is a responsible person and a reliable borrower, being an authorized user on their account will probably improve your credit score by helping you build a positive payment history. On the other hand, you might notice a drop in your credit score if the primary cardholder neglects their payments or cancels their account with unpaid debt.
Similarly, your use of someone else’s credit will affect their credit score, so take care when acting as an authorized user.
4. You’re a victim of identity theft
If you see a SYNCB/PPC hard inquiry on your credit report but you’re sure you didn’t apply for a PayPal Credit credit account, it could be a sign of identity theft.
If you think that SYNCB/PPC is on your credit report because someone’s trying to fraudulently open accounts in your name, take these steps:
- Contact the company that made the hard inquiry (which will be Synchrony Bank, unless they hired another company to perform the inquiry for them). Tell them you didn’t authorize the inquiry. Ask them for details (i.e., when and under what circumstances their records show the inquiry was authorized).
- Report the identity theft to the Federal Trade Commission (FTC). Go to www.identitytheft.gov and answer the questions to generate an identity theft report and recovery plan.
- Contact any of the three main credit bureaus (Equifax, Experian, or TransUnion) and have a fraud alert placed on your credit report. You only need to contact one of the bureaus; they’ll coordinate with the others, and your fraud alert will be acknowledged by all three.
Carefully monitor your credit reports over the next few months for further signs of fraudulent activity.
How does SYNCB/PPC affect my credit score?
There are several ways that SYNCB/PPC can affect your credit score, depending on whether they triggered an inquiry or manage one of your accounts.
As mentioned, a single hard inquiry will have a small, short-term effect on your credit, usually lowering your FICO score by up to five points and your VantageScore credit score by 5–10 points.
This effect is usually cumulative, so too many hard inquiries can really hurt your score. However, a single inquiry isn’t something to worry about—your credit score ranges from 300 to 850, which means 5 points in either direction isn’t significant.
Open and closed accounts
If you have an open or closed SYNCB/PPC account on your credit report, then it’s contributing to your credit score by influencing the following factors:
How to remove SYNCB/PPC from my credit report
If you want to delete SYNCB/PPC from your credit report, then try one of the following approaches.
1. Send a dispute letter
If you see an item listed under SYNCB/PPC on your credit report that you suspect is a mistake, then you can dispute it by writing something known as a credit dispute letter.
You should send your letter to whoever you think the error originated with. You can send it to:
- Synchrony Bank: Send your letter directly to them if you believe they made the original mistake (e.g., they reported a credit check to the bureaus that you never actually authorized).
- The credit bureaus: Write to the credit bureaus if you believe the error originated witih them (e.g., they confused you with someone with a similar name or Social Security number).
Either way, it’s usually a good idea to send copies of the letter to both parties, the bureaus and your card issuer (Synchrony Bank). They may contact each other as they investigate the matter, and it’s important to make sure everybody has received the relevant information.
Once you’ve filed your credit dispute, the credit bureau will be required to investigate and correct any inaccurate information on your report, usually within 30–45 days.
2. Use a credit repair company
A credit repair company will act as a middleman between yourself and your card issuer (and the credit bureaus). They might be able to get a hard inquiry or another SYNCB/PPC item off your credit report by helping you gather evidence and handling all the required communication.
However, be wary of scammers. There are restrictions on the cost of credit repair—by law, credit repair companies are not allowed to charge you before they’ve helped you. If they ask for payment upfront, hire a different company.
Although hiring a credit repair company can save you some time and hassle in disputing items on your credit report, bear in mind that they can’t do anything for you that you can’t do yourself.
They also won’t necessarily be able to erase valid negative information or turn a bad credit score into a good credit score overnight. Think carefully before hiring a third-party company to get SYNCB/PPC off your credit report.