What Is 08 Synchrony Bank On My Credit Report?
08 Synchrony Bank is a debt collection agency. If you are seeing them on your credit report, it likely means they have purchased your debt from a creditor and are (or will be) attempting to collect it from you.
Is 08 Synchrony Bank A Debt Collection Agency?
Yes, 08 Synchrony Bank is a debt collection agency. They buy debt from a number of different creditors that no longer wish to attempt to collect the amount themselves (also known as a "charge-off").
08 Synchrony Bank may attempt to reach out via mail or phone calls (demanding payment). The worst part is a collections account will now be seen on your credit report. This hurts your score, as well as reducing your chances of getting approved for a loan or other important financial event.
But it’s not all bad news! We may be able to help you with this account. Call us today to find out more.
Who Does 08 Synchrony Bank Collect For?
08 Synchrony Bank purchases debt from a range of different creditors. The information isn’t always publicly available and is constantly changing, so it’s difficult to provide an accurate and up-to-date list.
Does 08 Synchrony Bank Hurt My Credit Score?
Yes, it is highly likely having 08 Synchrony Bank on your credit report is damaging your score significantly.
How to Deal With 08 Synchrony Bank If You Owe the Debt
If you have a debt that is owed to 08 Synchrony Bank, there are several measures you can take to deal with the situation. Initially, it's essential to authenticate the debt to ensure its accuracy and that it belongs to you. Once you've confirmed the debt, you can arrange a payment plan with the bank to make repayments more feasible for you.
It's also recommended that you safeguard your credit score by avoiding missed payments and communicating with the bank if you're facing difficulty in making payments. If the debt has already been referred to collections, it's important to comprehend your legal rights and responsibilities so as not to be sued or have your wages garnished. By being proactive about managing the debt, you can minimize its impact on your finances and credit score.
What to do if 08 Synchrony Bank is Reporting Inaccurate Information On Your Credit Report
In case 08 Synchrony Bank is reporting incorrect information on your credit report, it's critical to challenge the errors promptly. The first step is to request a complimentary copy of your credit report and verify its accuracy. If you spot an error, you can dispute it with the credit bureaus through their online dispute resolution process while providing supporting evidence to buttress your claim. If the mistake persists, you can escalate the dispute by contacting the Consumer Financial Protection Bureau (CFPB) or by enlisting the services of a Credit Sage.
It's also essential to monitor your credit report regularly to ensure that any inaccurate data has been rectified and does not adversely impact your credit score.
How Do I Remove 08 Synchrony Bank From My Credit Report?
To be eligible to remove 08 Synchrony Bank from your credit report, you typically need to meet the following requirements:
- Any information on the account is incorrect
- Any information on the account is error’d
- Any information on the account is fraudulent
- And is not (or cannot be) fixed in an appropriate amount of time
According to a study by the U.S. PIRGs, 79% of credit reports contain mistakes or serious errors. Going after these types of accounts for our clients is our specialty.
Should I Pay For Delete With 08 Synchrony Bank?
Paying off 08 Synchrony Bank to have credit bureaus delete it from your report sounds like a good idea. There's one major problem. Paying a debt in collections changes your credit report status from 'unpaid' to 'paid', but the collection remains on your report for 7 years (from the date of first delinquency). This means your credit is still damaged.
Should I Negotiate A Settlement With 08 Synchrony Bank?
Settling your debt with 08 Synchrony Bank could go both ways. It may help your score, but it may also hurt your score. Many variables impact the end result. There is a better path to a good result. Work with a company that is able to review these accounts for you (like Credit Sage), and if any issues with the account exist you may have it removed all together (and never have to hear from them again).
Is 08 Synchrony Bank Legit, Fake Or A Scam?
08 Synchrony Bank is a legitimate company. They aren’t fake or trying to scam you. But it is likely they are spam calling you trying to collect a debt. One of the best ways to deal with this is to dispute and remove unvalidated debts.
Why Do 08 Synchrony Bank Keep Calling Me?
08 Synchrony Bank continues to call and attempt to collect a debt. The best thing you can do is ignore their calls and speak with a company that can help you get it removed (like Credit Sage).
How To Get 08 Synchrony Bank To Stop Calling Me?
As we’ve mentioned above, 08 Synchrony Bank will be calling you to attempt to collect a debt. The best thing you can do to stop this is speak with a company that can help you get them removed from your credit report, like Credit Sage. Once they are off your credit report, you won’t have to hear from them again.
08 Synchrony Bank Reviews And Complaints
08 Synchrony Bank has terrible BBB reviews. This may come from their repeated calls and letters to consumers trying to collect their debt.
Will 08 Synchrony Bank Try Suing Or Garnishing My Wages?
08 Synchrony Bank suing would be a very unlikely situation. In rare cases it may happen, but it certainly isn’t the norm. State and federal laws place limits or 'exemptions' that apply to bank and wage garnishments.
We strongly recommend calling us, we’ll help determine the likelihood of a lawsuit, but also provide you next steps in getting this collection removed.
Does 08 Synchrony Bank Accept A Goodwill Letter To Remove My Collection/Charge-Off?
Based on our years of experience dealing with companies like this, 08 Synchrony Bank does not accept goodwill letters to remove collection accounts or charge offs.
What Are My Rights When Dealing With 08 Synchrony Bank?
You have the right to dispute any of your debt that 08 Synchrony Bank has purchased. 08 Synchrony Bank is governed by the Fair Debt Collection Practices Act (or FDCPA) and the Fair Credit Reporting Act (or FCRA). While these acts seem very complicated, they provide a great deal of power to the consumer if you know how to use it properly.
What Is 08 Synchrony Bank Phone Number?
You likely want to call Credit Sage before deciding whether or not to call 08 Synchrony Bank. The reason? You may not want to pay 08 Synchrony Bank debt, especially if it's inaccurate. Paying it off could hurt your score.
Get 08 Synchrony Bank Removed From Your Report, Today!
In most cases, we recommend speaking with a Credit Repair professional to analyze your credit report before you attempt to settle any debt. The main reason? Settling your debt may actually hurt your score.