Evaluating your credit report is essential before applying for a rental or loan from the bank. It will help you to fix any errors. To fully understand what is in the report, you need to know the meaning of each acronym and what they indicate.
SYNCB is one of the acronyms that usually generates doubts. They indicate “Synchrony Bank”, a subsidiary of Synchrony Financial, one of the most important companies in the USA that offers financial services with savings products and credit services.
What does syncb stand for?
Synchrony offers branded credit cards; within its range of products are dual proprietary cards that you can use as retail credit cards and general-purpose credit cards.
If you find the acronym syncb on your credit report, it will indicate that you have a line of credit with Synchrony Bank or some of its retail affiliates. When this item appears out of nowhere, don’t worry, you may have recently acquired a line of credit with a retailer or used an online payment system such as PayPal.
However, it will also indicate that you have had a thorough inquiry that will affect your credit score. Each month, you should monitor your report to ensure that the syncb activity has been authorised by you.
Remove SYNCB from your report
Having a high inquiry on the credit profile will impact your chances of acquiring approval for any application with lenders or homeowners, which lowers your score and will make you a customer with a bad credit report.
You should evaluate if you have applied for any credit card or syncb loan; if the answer is negative, you should proceed with the claim. You may find yourself facing identity theft; to stop it send a debt validation request to syncb.
When you make a claim, the bank is obliged to provide you with the necessary evidence, or it will have to remove the solid inquiry from your credit report. Another solution is to send the letter to the three credit bureaus involved for a thorough review.
The duration of syncb’s inquiry on your credit report
Even if you have not been approved for a credit card with Synchrony Bank or its agencies, the investigation will remain on your credit report for up to two years. Each time you make a transaction, it will reappear. Some credit bureaus such as Equifax, TransUnion or Experian record the process.
It is time to warn you that applying for retail credit cards at your favourite stores will automatically damage your score. In other words, you will be at fault for the inquiry noted on your report and will not be able to request removal.
Other reasons for syncb appearing on your report
Being such an important company in the financial world, it has access to the history of almost every customer with a credit card. When you see their acronym on your report, it may be due to one of these reasons:
They ran a credit check on you
When you apply for a credit card, the company will first evaluate whether you have adequate credit to approve it. These checks show up on your report as a hard or soft inquiry.
Hard inquiries arise when you apply for new credit, such as store cards, credit cards, rewards cards, or medium- or long-term loans. Soft questions occur when you run a credit check but do not intend to open a new account. If you have received an offer letter in your email to apply for a credit card with Synchrony Bank, it may happen.
If a family member added you as an authorised user on their credit account, you would see acronyms on your next report due to account verification.