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Super Contributor
Posts: 14,622
Registered: ‎11-11-2014

Re: Synchrony Bank Requested 4056T !!!!!


longtimelurker wrote:

Yes-Its-Me wrote:

Sorry about the loss of your credit lines.  But it came down to the choice of keeping those or having your tax info. shared with a third party company.  So in this case, you made the right decision.


I wonder if this is being over-emphasized on this forum.   How do we quantify the actual harm of Lexis-Nexus selling your data (in addition to whatever they have anyway)? Is this harm greater than the benefit of keeping the cards?

 

 


2005 http://www.nbcnews.com/id/7139522/ns/technology_and_science-security/t/another-big-data-broker-repor...

 

2009 http://www.scmagazine.com/lexisnexis-admits-to-another-major-data-breach/article/136140/

 

2013 http://krebsonsecurity.com/2013/09/data-broker-giants-hacked-by-id-theft-service/

 

 

Why should people share their tax returns with this company? I won't if I were in their shoes.

Valued Contributor
Posts: 2,588
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Re: Synchrony Bank Requested 4056T !!!!!

Interestiung thread....I'll toss my 2 cents in to the mix.

 

I have 3 GE/Sync cards, Lowes $30k, Sams MC $10k. Amazon $8k - having closed all other GE/Sync cards as not necessary. I would hate to lose any of these as the extended no or low interest options I use a lot. If I had to give up one it would be Sams (I belong to BJ's too) and I suppose I could get the Chase Amazon Visa, but the 6-12-18 month zero APR through Amazon "store card" would not be replaced by a Chase version (I don't believe) and of course I could always use Blispay. The Lowes I really value and yes I have a Home Depot at $20k, but the project financing with Lowes is important to me. 

 

Having had my Comenity Total Rewards ($10,500) closed after almost two years of perfect payments, usually PIF, and no high utility - that still stings because I really liked that card and it was my only Comenity card, so I understand the feelings with a card company coming back at you and closing cards for "no good reason". Would I provide GE/Sync with access to my tax returns - no I would NOT and I have 18 other bank cards with over $200k in credit limits not counting GE/Sync credit lines, but I sure would miss at least two of the three GE/Sync cards I have and use on a regular basis (Amz and Lowes). 

 

Here is hoping I don't get the blue letter in the mail....

New Visitor
Posts: 2
Registered: ‎12-11-2014

Re: Synchrony Bank Requested 4056T !!!!!

I got the letter ... filled out the forms ... mailed them back 60 days ago and Synchrony says they closed my accounts because they verify my identity. And I was told there was NOONE in their corporate offices to talk to about it.
New Visitor
Posts: 2
Registered: ‎12-11-2014

Re: Synchrony Bank Requested 4056T !!!!!

Could NOT verify.... autocorrect sucks
Super Contributor
Posts: 8,762
Registered: ‎10-03-2008

Re: Synchrony Bank Requested 4056T !!!!!

Sorry to hear about this ... believe they must be drinking water out of the same trough that is used by Barclays ;(
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Registered: ‎04-23-2016

Re: Synchrony Bank Requested 4056T !!!!!

Sorry about that Laura. Unfortunately, we had a rash of these forms sent out to various members over the last few months. Even when someone elected to fill out the form, which most of us do not want to do, most times they still end up closing the accounts. I think most times if Synchrony closes your accounts they stay closed. You would have to reapply. Not saying there is no hope but be prepared in case. Thank you for sharing with us and welcome to the forumSmiley Happy
Senior Contributor
Posts: 6,953
Registered: ‎06-22-2015

Re: Synchrony Bank Requested 4056T !!!!!

Just say no to Synchrony. Smiley Happy

 

It's pretty sad that this Synchrony mess started last August and still continues. Synchrony is a mess.



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Re: Synchrony Bank Requested 4056T !!!!!

 
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Re: Synchrony Bank Requested 4056T !!!!!

It bothers me that everyone is so up in arms about banks requesting this.

 

Fraud is at an all-time high.

 

Blame the people who steal peoples' identities or lie about their income and verify with fake documents.


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Re: Synchrony Bank Requested 4056T !!!!!


longtimelurker wrote:

OK, I have to ask again!    What is the *actual* harm in having your information sold by LN, assuming that they don't have most of it already.   I can see iincreased marketing perhaps but what other dire consequences do people expect.

 

 ETA: mister-endowed beat me to it


I ordered my LN reports, there was a lot of invasive information in it. Information about things I've ordered for my 9 year old child, for example.

 

I don't mind the tax form personally, I do mind how easy it is to find out every single thing I've purchased on the internet, my child's name, and etc.


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