When you see the name 08 Synchrony Bank on your credit report, your first thought is probably how that's possible. You've likely never heard of this company, yet a collections account is listed under the name. Your credit score can be greatly affected when you find yourself in this situation. This can put a damper on your financial plans, like buying a home or car.
Even when you qualify for new credit accounts, you will pay a higher interest rate if your credit score is lower.
Finding 08 Synchrony Bank on your credit report or getting phone calls from the company isn't something you can ignore. Luckily, you can take steps to deal with this company and situation proactively.
08 Synchrony Bank is a third-party debt collection agency. They are legitimate and not a scam.
If you get phone calls from someone who says they're from 08 Synchrony Bank, they're trying to contact you about a debt. Whether or not that debt is valid and you’re responsible for paying becomes the question.
When 08 Synchrony contacts people, they believe that they owe money and their account is significantly delinquent, meaning it's gone for quite some time without payment.
08 Synchrony Bank is a financial services company. Synchrony Bank provides credit cards, and 08 Synchrony Bank is the debt collection part of the business. A number of retail store credit cards are Synchrony branded.
If you're getting calls from 08 Synchrony Bank, or you see them listed on your credit report, in theory, you owe them money, but that's not always the case. Debt collectors can and do get things wrong when contacting consumers and reporting information to the credit bureaus, the three main of which are Experian, Equifax, and TransUnion.
So why would 08 Synchrony Bank be wrong about whether or not you owe them money?
Examples of errors related to your credit history and report include:
So how do you know if you legitimately owe the debt 08 Synchrony calls you about or if there's a mistake?
Since mistakes are so common on the part of debt collectors and credit reporting agencies, the best thing you can do if you’re getting phone calls or communication is to contact an FCRA attorney. When you work with an FCRA attorney, you can avoid putting yourself in a potentially challenging situation with a debt collector.
FCRA attorneys can begin the process of disputing your debt if needed.
When there’s something inaccurate on your credit report, disputing it in a timely way is critical. Your credit report and financial history have major impacts on nearly every part of your life. This information affects your ability to rent or buy a home, get credit cards, make large purchases, and sometimes can even impact employment opportunities. That’s why the FCRA offers consumers rights as far as the reporting of their credit information. It’s too important for consumers not to have these rights.
It is your legal right to dispute any debt, whether it’s partially or fully incorrect, and we encourage you to contact an FCRA attorney to do so. Otherwise, without legal representation, it’s possible that you could restart the statute of limitations on a debt.
Debt collectors are notorious for contacting people incessantly as they try to get payment from them. Federal laws limit what debt collectors can say and do, though consumers should always be aware of their rights. Along with the FCRA, there's a law called the Fair Debt Collection Practices Act (FDCPA).
The FDCPA says third-party debt collectors can't use harassment when they contact you. That means they can't bombard you with calls, call you late at night or early in the morning, or contact you at work when you've asked them not to. Debt collectors are also prevented from using threats or being deceptive when they contact consumers.
If you're dealing with 08 Synchrony or another debt collector you believe isn't following these standards set by federal law, you should write them a letter asking them to stop contacting you. If they don't comply, you should speak with an FDCPA attorney.
If you have 08 Synchrony on your credit report, one of the first things you can do to get them off is work with an FCRA attorney to dispute the debt. Based on the FCRA, when you dispute a debt, the collector or company reporting it must thoroughly investigate within 30 days. Once the investigation ends, they are required to let you know the results within five days. Then, the information should be removed from your credit report.
Despite this being the law, it's only sometimes what happens, which is why legal representation is so important when it comes to your financial rights.
You may not be able to get in touch with anyone at 08 Synchrony about your dispute. They could argue that your dispute isn't accurate, despite providing evidence. The company might also say they'll remove the negative information from your report, but they haven't. They could even try to restart the clock on your debt if you contact them about it.
These are all instances where you might need a consumer protection attorney specializing in the FCRA.
Fair Credit is a team of FCRA attorneys, and we offer free case reviews, so reach out today.