In A Nutshell
You may have seen SYNCB/NETWRK on your credit report and wondered what it is. In short, SYNCB stands for Synchrony Bank Network, and seeing this on your credit report may indicate that you have applied for a credit card with them.
What Is SYNCB/NETWRK On My Credit Report?
SYNCB or Synchrony Bank Network is a type of financial institution which provides financial services on both a commercial and consumer basis. Perhaps their most well-known product is privately issued credit cards.
So, normally if you were to see this on your credit report, it would suggest that you either have a credit card with them or you have recently applied for one.
You may see either SYNCB on your credit report or SYNCB/NETWRK.
It’s important that you know that SYNCB or SYNCB/NETWRK may appear on your credit report because you have a credit product through one of their many affiliates. After all, it’s the Nation’s biggest issuer of private-label credit cards.
Synchrony Bank partners with so many businesses in a variety of industries, so it’s worth checking out who this could be referring to if you are unsure via their website.
IS SYNCB/NETWRK Legitimate?
Yes. SYNCB is a totally above board and legitimate organization and is not a scam. It’s totally reasonable that some people may think they are being scammed if they see something they do not recognize on their credit report.
However, rest assured that SYNCB is 100% legitimate. Having said this though, if you are convinced that you should not be seeing SYNCB/NETWRK on your credit report, it’s imperative that you take action immediately.
Why IS SYNCB/NETWRK On My Credit Report?
As we mentioned, there are legitimate reasons why you might see SYNCB/NETWRK on your credit report but it may also be down to something much worse. Let’s examine the reasons why you might be seeing SYNCB/NETWRK on your credit report.
Synchrony Bank Network may have conducted a credit check on you to determine whether or not they should lend to you, through the form of something like a credit card.
There are two types of credit checks. Hard check and soft check.
Hard checks are normally something that you have formally requested and agreed to. This is often when you are applying for credit in the form of loans, credit cards, car leases, or mortgages.
Hard checks can have a short-term significant impact on your credit score, but if you manage your credit habits correctly, this should not affect you long-term.
Soft checks are conducted usually for information to see if you might be eligible to formally apply for credit in the form of a hard check. These pre-checks are usually a good way for customers and lenders to assess your creditworthiness before diving deeper into and harming your credit score.
However, soft checks can also be done by other organizations or for other reasons without you agreeing to them. This could be for anti-money laundering purposes or to determine if you still reside at your address.
Sometimes, companies may even conduct a soft credit check on you without your knowledge as a way to send you an unsolicited notice that you are eligible for their credit products.
This might be one reason you see SYNCB on your credit report, but this is unlikely.
You Already Have A SYNCB/NETWRK Account
If you currently have or maybe have previously held an account with SYNCB/NETWRK, it’s entirely possible that you may see this on your credit report.
Even if your account was closed, SYNCB/NETWRK may appear for the next 7 to 10 years depending on the status of the account (i.e. not in arrears, missed payments, etc.).
You may also see that your account has been classified as closed, regardless that you did not close it yourself. This is usually down to inactivity on the account. After a while, if lenders do not see any activity on your account—they may simply close the account without notice.
You Are Named On Someone’s Account
You may be an authorized user on somebody else’s account with SYNCB/NETWRK. Authorized users are normally set up by your spouse, children, wider family, friends, or even business partners.
It’s critical that you are aware of this though because the primary user’s credit habits may affect your credit score inadvertently. This could be positive or negative depending on how well they manage their credit.
On a similar note though, your credit habits may affect the other users’ credit scores, so be careful and responsible if you are an authorized user. Not just for yourself, but for others.
You’ve Been Subject To Identity Theft
If you are convinced that you have not applied for, ever had before, and know that you are not a secondary holder of a SYNCB/NETWRK account—there is a chance you are the victim of identity theft.
This is one of the primary reasons why you should always check your credit report on a frequent and regular basis to prevent things like this from happening.
If you do not do anything about it or notice it, to begin with, your credit score can be impacted to the point where you can no longer apply for credit, you may notice your interest rates offered are much higher and lenders may send you bills which you do not recognize.
Getting ahead of this is key—so if you have noticed SYNCB/NETWRK on your credit report, you should do the following steps.
First, contact Synchrony Bank Network and ask them why they have made an inquiry on your credit report. They should be able to provide you with all the relevant information (it might simply be an error on their part by the way).
Ensure you take down as many notes and as much information as you possibly can for evidence purposes. It is a good idea to get them to send you a transcript of the conversation or a summary of your conversation via email for evidence.
Next, visit the Federal Trade Commission website and report identity theft. You may then create a recovery plan and answer the questions.
You should also ensure that you contact one of the three major credit bureaus to get a fraud alert applied to your credit report. They will then speak with the other credit bureaus to get this alert applied to their records also.
This should make it much more difficult for credit fraud to continue and may help the relevant authorities track the person impersonating you.
In the meantime, you may also apply a freeze to your credit if the bureau and lenders allow it. This effectively prevents any further credit applications and searches from taking place for a designated period.
Finally, over the next coming months, ensure you are paying attention to all your credit reports and see the progress. Continue to speak with the relevant organizations and always keep evidence, in case you have to take matters further.
Does SYNCB/NETWRK Affect My Credit Score?
There are numerous ways that SYNCB/NETWRK appearing on your credit report can affect your credit score. Here are some of the most common ways this can occur.
Hard Credit Checks
As we mentioned earlier, hard credit checks can impact your credit score for a short time. In normal circumstances and if you are responsible for your credit management, this will be almost unnoticeable.
However, having too many hard checks in a short period of time can seriously damage your credit score. Those committing identity theft generally will not care about your credit score and may apply for a multitude of different avenues of credit.
Your FICO and VantageScore may significantly drop—and this could make it much more difficult to apply for credit in the future.
Open Or Closed Account
If your account is genuine and is open, it will be contributing to your credit utilization rate (CUR). This is critical for your credit score overall and is sometimes referred to as your credit to debt ratio.
Normally, it’s recommended that your utilization rate is less than 20%—so it’s always worth checking this out. However, when it comes to closed accounts, these can affect your credit score via:
- Payment history (missed payments for example)
- Duration and length of credit
- Credit mix
TIP: Don’t automatically go to close your SYNCB/NETWRK account as this can harm your credit score overall in many circumstances. Utilize your credit wisely for the best results.
How Can I Remove SYNCB/NETWRK From My Credit Report?
There are usually two main ways to remove something from your credit report. This is either in the form of a dispute letter or through a credit repair company. Let’s look at them.
A dispute letter should be sent to SYNCB/NETWRK outlining why you are disputing their presence on your credit report or if they have made a mistake.
This can happen in the form of misreporting missed payments or mixing up you with someone else.
Generally, they will respond within 30-45 days.
Credit Repair Companies
These are companies that work on your behalf to gather information and evidence to help you resolve the situation.
Normally, they do everything you could do yourself—so think before you find a company like this (and always ensure they are genuine if you do).
The Bottom Line
Seeing SYNCB/NETWRK on your credit report may be worrying, but don’t panic—there’s usually a reasonable explanation and it can be sorted out pretty quickly.