What does SYNCHRONY NETWORKS mean on my credit report?

Learn about SYNCHRONY NETWORKS, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is SYNCHRONY NETWORKS?

SYNCHRONY NETWORKS is shorthand for MySynchrony, with the company name being MySynchrony Inc

SYNCHRONY NETWORKS is a Creditor provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with MySynchrony.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for MySynchrony:

Address:

  • GOLDEN PARADISE INC 589 8TH AVE, NEW YORK, NY 10018-3005

Website:

Email:

Phone:

Payments

You can make a payment using a debit or credit card, as well as electronic payment methods like PayPal or Apple Pay. Other methods may also be available, depending on the store or service you are using. You cannot make a payment over the phone or using a wire transfer. You can make a payment using a mobile app. Late or missed payments may incur a penalty fee depending on the terms of the loan agreement.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? No
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? No

Forgiveness and Cancellation

The website offers loan forgiveness and consolidation. To qualify for loan forgiveness, the borrower must make 120 monthly payments while employed full-time by a qualifying employer.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? Yes

How to Apply

It is possible to apply for a loan online through the Synchrony Financial website. It is not possible to apply for a loan over the phone or in person. It is also not possible to apply for a loan using a mobile app.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? No
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

SYNCHRONY NETWORKS IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

How do I remove SYNCHRONY NETWORKS from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.