SYNCB/PPC: What It Is and Why It’s on Your Credit Report
You’ve learned how to read your credit report and you’re checking your credit report once a year or more, like the Consumer Financial Protection Bureau recommends. This time you catch something you haven’t seen before: SYNCB/PPC.
What exactly is SYNCB/PPC, why is it on your credit report, and what should you do about it? Here’s what you need to know.
What Is SYNCB/PPC?
If you see “SYNCB/PPC” on your credit report, this stands for Synchrony Bank/PayPal Credit. This is how your PayPal Credit account appears on your credit report since Synchrony Bank bought PayPal’s consumer credit receivables in the middle of 2018. This means that Synchrony Bank provides credit and financial services for PayPal Credit accounts. If you’ve never applied for an SYNCB/PPC credit card, then that’s cause for worry.
Another reason this account could end up on your credit report is if you had a Bill Me Later account. Prior to its rebranding in 2014, PayPal Credit was known as Bill Me Later. Those are the accounts that Synchrony Bank purchased. If that situation doesn’t apply to you, then you should check your credit report for any other suspicious activity.
How Does SYNCB/PPC Affect My Credit?
Just having SYNCB/PPC information on your credit report doesn’t affect it one way or another. Many factors go into figuring out your credit score, and different reporting agencies use different formulas. Remember, you have more than one credit score and different companies pull from different reporting agencies.
If the account is very new, defaulted or maxed out, that will bring down your score. On the other hand, if your SYNCB/PPC account is older and not utilized much, it might boost your score to leave the account open.
When Should You Get SYNCB/PPC Taken Off Your Credit Reports?
If you are sure you never opened a PayPal Credit account or a Bill Me Later account, then you should definitely dispute the information. Start by filing a police report and then let the major credit reporting agencies know. This will start the process of removing the account and making it harder for whoever opened it under your name to do anything else.
If you did open the account recently and don’t think you’ll use it or if you opened it accidentally, then you might be better off closing it. This will increase your average age of credit, but it won’t remove the hard inquiry. Hard inquiries stay on your Equifax credit report for two years.
You can only remove hard inquiries from your credit report if they are fraudulent. Otherwise, you have to wait for them to fall off naturally, even if the account is closed.
Get to know your rights in regard to credit reporting by using the consumer resources on the Consumer Financial Protection Bureau’s website. Some companies hire others for their credit services, but if you ever see something you’re not sure about on your credit report, always investigate. Freezing your credit is easy to do, free, and can protect your credit if you are still worried.
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- Consumer Financial Protection Bureau. 2022. "How do I get a copy of my credit reports?"
- Federal Trade Commission. "What To Know About Credit Freezes and Fraud Alerts."
- Equifax. "Understanding Hard Inquiries on Your Credit Report."