Your Credit Report – The 5 Easiest Ways to Deal with SYNCB

Your Credit Report - The 5 Easiest Ways to Deal with SYNCB

What is SYNCB, and who are they? With that said, SYNCB actually stands for Synchrony Bank. As you may already know, SYNCB is a debt collecting agency and one of the largest credit card providers in the US; they will appear in your credit report as a collections account and stay there for at least two years.

Usually, these negative entries wonโ€™t hurt your credit report and only drop your credit score a little. But if this keeps on happening, particularly in a short period, these negative entries can drag down your credit rating and will do huge damage to your credit report. With that being said, here the easiest steps to deal with SYNCB.

Determine Your Rights

Itโ€™s a good idea to know your rights about this situation because this will save you the burden of answering unwanted calls and letters from collecting agencies like SYNCB. Not only that, did you know that one of your rights include that collecting agencies cannot call you between 8 am and 9 pm? Yes, youโ€™ve read it right. They cannot also call you when you are at work.

In addition, many people say they are threatened by collecting agencies in the way that collecting agencies will tell them that they will be arrested if they will not pay their debts. But if you know your rights, you can counter them by saying that owing money is never a crime. To learn more about your credit cardโ€™s negative entries, you can visit FNB Omaha.

Offer a Pay-for-Delete Agreement

Pay-for-delete is a tested and proven way of removing negative entries in your credit report. Pay-for-delete works when you write the collecting agency a letter that you will pay your debt only if they agree to remove your credit report’s negative entry. If you do it on the phone, it would be best to record your conversation so you will have proof when they agree.

When the collecting agency agrees to this arrangement, the removal of the negative entry should reflect in your credit report in the next 30 days. Just remember to keep all your proof like a record of your conversation or a copy of your letter for a pay-for-delete agreement stating that they agree because sometimes collecting agencies will forget to remove it.

File a Dispute

In the Us, you can file a dispute in the three credit bureaus; Equifax, Experian, and TransUnion. When you ask for a debt validation letter, the collecting agencies are obliged to send you one because the letter would be their proof that you really owe them. Typically, they will have a hard time proving their claims, and if they canโ€™t prove it, file a dispute.

Asking for a debt validation letter is one of your constitutional rights, so donโ€™t ponder. Exercise your rights. Keep in mind that when they send you the letter, it should include all your past transactions proving that you owe them. If they cannot prove it, then they should remove the negative entry in your credit report. If the debt is valid, then you should pay it.

Hire a Professional

One of the best ways to get rid of SYNCB in your credit report is by employing a credit repair specialist and seeing it done. In this way, you will save your time and energy in dealing with these hassle situations. A credit repair specialist will help you correct all the wrong information in your credit report and help you maintain a good credit rating moving forward.

Hiring a professional would be your best solution in this situation. Not only will they help you remove the negative entry imposed by SYNBC, but they will also help you file for bankruptcy if proven that you have no assets left and that your debts would greatly affect your familyโ€™s financial stability to the point that you cannot provide the basic necessities for them.

Write a Goodwill Letter

If hiring a professional is way out of your budget, it would be best to write them a goodwill letter. To do so, your letter should include the significant reasons like why you cannot pay on time or what hinders you from paying your debts. Itโ€™s a good idea to be honest when writing your goodwill letter, regardless of their decision, to establish trust and confidence.

Writing a goodwill letter and hoping it will be approved might be a rarity for some. But if your reasons for incapability to pay your debts are true, then there is a good chance that it will be approved. Just donโ€™t lose hope and keep trying. You only ask for a remedy given your situation. But keep in mind that it is still their decision to honor the letter or not.

Takeaway

The above mentioned are the easiest ways to deal with SYNCB that you can rely on, now or in the future. It would be best to share this article with your family and friends so youโ€™ll have someone to ask when you need a second opinion.