If you see SYNCB/PPC on your credit report and aren’t familiar with it, it’s because the bank that acquired your PayPal Credit (formerly known as PayPal Bill Me Later) account has started reporting your payment history to the consumer credit bureaus.
If you suddenly notice an account named “SYNCB/PPC” appearing on your credit reports, it is likely due to an old PayPal Credit or Bill Me Later account that you may have had in the past.
The reporting of this account to the consumer credit bureaus might be occurring for the first time. Here is important information to understand about it:
What is SYNCB/PPC?
Why are my credit reports showing SYNCB or PPC?
What to do if an account appears on your credit report that you don’t recognize
What is SYNCB/PPC?
If you notice an account named “SYNCB/PPC” on your credit reports, it is an indication of Synchrony Bank/PayPal Credit. PayPal Credit, formerly known as Bill Me Later, is a line of credit offered to PayPal account holders. In 2018, Synchrony Bank acquired PayPal Credit accounts, including the associated debt, which is now owed to Synchrony Bank.
Previously, when PayPal Holdings owned these accounts, they might not have been reported to the credit bureaus. However, now that Synchrony Bank is managing the accounts, they are being reported to the bureaus.
Why are my credit reports showing SYNCB or PPC?
SYNCB/PPC may appear on your credit reports in different sections, such as hard inquiries or active or closed accounts. If you recently applied for a new PayPal Credit account, you may see a hard inquiry associated with SYNCB/PPC, as Synchrony Bank would have checked your credit during the application process. Hard inquiries can impact your credit scores and remain on your reports for up to two years.
Hard inquiry
When you apply for a new PayPal Credit account, it is common to see a hard inquiry associated with SYNCB or PPC on your credit reports. Synchrony Bank, as the issuer of PayPal Credit, conducts a hard pull to assess your creditworthiness during the application process.
It’s important to note that hard inquiries can have a negative impact on your credit scores and remain on your credit reports for up to two years.
However, if you did not initiate the application for PayPal Credit and discover a hard inquiry linked to SYNCB or PPC on your reports, it could be a warning sign of potential identity theft. In such cases, it is crucial to take immediate action to address the situation and protect your identity.
Active or closed accounts
Additionally, active or closed PayPal Credit accounts may appear on your credit reports. Synchrony Bank has the authority to adjust credit limits, close inactive accounts, and make updates that can impact your credit scores. If you don’t recall having a PayPal Credit account or suspect an error or fraudulent activity, it’s advisable to contact Synchrony Bank to address the issue.
What to do if an account appears on your credit report that you don’t recognize
Discovering a newly reported PayPal Credit account on your credit reports can be a concerning and unexpected development that may have a negative impact on your credit scores. If the account is legitimate, it is generally difficult to have it removed. However, there are actions you can take to help improve your credit situation.
If you do not recognize the PayPal credit inquiry or account, it is possible that your identity has been compromised. In such cases, it is crucial to take immediate action to address the situation and protect yourself from further harm.
Regularly monitoring your credit reports is a proactive measure you can take. You are entitled to one free credit report from each of the three major consumer credit bureaus annually, which you can request from annualcreditreport.com. Additionally, implementing strong passwords and other security measures can help safeguard against identity theft.