If you see an account called “SYNCB/PPC” appearing in your credit reports out of nowhere, it could be because you have an old PayPal credit or Bill Me Later account.
If you’ve ever owned one of these accounts, it may be first reported to consumer credit bureaus. Here’s what you need to know.
What is SYNCB/PPC?
Their credit reports have the acronym SYNCB/PPC for Synchrony Bank/PayPal Credit. PayPal Credit is a line of credit that PayPal account holders can apply for. He used to be called Bill Me Later.
In 2018, Synchrony Bank bought PayPal credit accounts from PayPal, including the debts of those accounts. This money is now owed to Synchrony Bank.
If you had an account with PayPal Credit or Bill Me Later, Synchrony Bank may report your account activity to major consumer goods credit bureaus.
Why is SYNCB/PPC on my credit reports?
Some people report that their old PayPal credit or Bill Me Later accounts are now showing up in their credit reports for the first time. So why the change?
When PayPal Holdings had these accounts, it probably didn’t report them to the agencies. Now that Synchrony Bank has taken over the accounts, it looks like they are being reported to the agencies.
There are a few different parts of your credit reports where you can see SYNCB/PPC – see how it might show up and what to do about it.
If you’ve applied for a new PayPal holding account, you’re probably seeing a hard inquiry for the account in your reports. Synchrony Bank has made an effort to verify your credit as part of your application review.
How Long Do Hard Inquiries Stay On Your Credit Report?
Difficult questions can stay on your credit report for up to 2 years. Each time a request is made, it is recorded by one or all three of the major credit reporting agencies – Equifax, Experian, and TransUnion.
Hard inquiries can hurt your credit score and can show up in your credit reports for up to two years.
If you have not applied for PayPal Credit and you have a difficult question related to SYNCB/PPC in your reports, this could be a warning that you are dealing with identity theft. If so, you’ll want to jump into action right away.
Active or closed accounts
PayPal credit accounts may also appear as active or closed accounts in your credit reports in the Accounts section.
If at any time you had a PayPal Bill Me Later or Credit account, the closed or active account may have been reported to agencies for the first time. And now that Synchrony Bank owns the accounts, it can also increase or decrease credit lines and close accounts for inactivity (even if you don’t owe money in the account). Both can affect your credit score.
But if the account still doesn’t ring a bell, contact Synchrony Bank. There may have been an error or someone may have fraudulently used your identity to sign up.
What to do if there’s an account you don’t recognize in your credit reports
A PayPal credit account that recently appeared in your reports and negatively impacted your credit score can be an unpleasant surprise. If it’s legit, you probably won’t be able to delete it, but there are steps you can take to get your credit back.
If you still don’t recognize this application or PayPal credit account, your identity may have been stolen. You must act immediately if you suspect that this is the case.
It’s a good idea to regularly check your credit reports – you are periodically entitled to a free credit report from each of the three major consumer credit bureaus, which you can request from Annualcreditreport.com. And there are other steps you can take to protect yourself from identity theft, such as creating strong passwords.
WHAT IS CCB PPC TIMONIUM MD?
CCB PPC TIMONIUM MD stands for “Comenity Capital Bank/PayPal Credit”. If you see this on your credit report, it means one of two things. First, you may have applied for a PayPal line of credit, which gives you 6 months to pay for purchases of $99 or more. Or someone else could apply for this line of credit on your behalf, which would be fraudulent and you should take immediate action.
See what CCB/PPC means:
- CCB PPC TIMONIUM MD is the abbreviation for “Comenity Capital Bank/PayPal Credit”. PalPal Credit is a PayPal revolving credit line operated by Comenity Capital Bank.
- PayPal Credit gives you 6 months to pay for purchases of $99 or more. If you pay in full within those 6 months, you will not pay any interest. If you don’t, you will have 25.49% interest (V) APR from the moment you made the purchase, as it has always been.
- If you had applied for a PayPal credit account, it would have generated a tough question on your credit report, shown as “CCB/PPC”.
- If you’re not using PayPal credit, someone may have fraudulently opened an account in your name. In that case, you should immediately call PayPal at 1-866-528-3733, dispute the information on your credit report, and consider filing an identity theft report.
PayPal Credit has no annual fee. But you still pay a flat fee of 2.9% + $0.30 for every trade you make. This is the same fee you would normally pay when using a credit or debit card to send money through PayPal.
Can The CCB PPC TIMONIUM MD be removed from my credit report?
Lexington Law specializes in removing questions and other negatives from your credit report. They have over 28 years of experience and removed more than 7 million negative items for their customers in 2020 alone.
They can also help you dispute (and possibly remove) the following items:
- Delayed payments