PayPal credit no longer a hidden tradeline??

[M_Smart007]

"IF" PayPal Line of Credit should Report Wrong;

any thoughts from the Experts on incorrect reporting?

what would be our recourse on incorrect Reporting?

Could This Fall Under the FCRA?

"The Fair Credit Reporting Act, 15 U.S.C. § 1681,
is U.S. Federal Government legislation enacted to promote the accuracy,
fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports.
To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information."

Does anyone know, How Their New Account is Reporting?,

is it Reporting as "Revolving Credit"? or A "Line of Credit"?

"if" (The Big "IF") it reports as a line of Credit, This could Be Benificial For Some.

Trying to look at the Positive Side of This, now that i am awake.

[Anonymous]

It’s a revolving line of credit, it should report as one and thus affect utilization and other revolving factors shouldn’t it?

[sjt]

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@M_Smart007 wrote:

"IF" PayPal Line of Credit should Report Wrong;

any thoughts from the Experts on incorrect reporting?

what would be our recourse on incorrect Reporting?

Could This Fall Under the FCRA?

"The Fair Credit Reporting Act, 15 U.S.C. § 1681,
is U.S. Federal Government legislation enacted to promote the accuracy,
fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports.
To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information."

Does anyone know, How Their New Account is Reporting?,

is it Reporting as "Revolving Credit"? or A "Line of Credit"?

"if" (The Big "IF") it reports as a line of Credit, This could Be Benificial For Some.

Trying to look at the Positive Side of This, now that i am awake.

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I thought "Revolving Credit" and "Line of Credit" were the same. What matters most to me is the "Open Date".

[slither43]

It can't see it on my MyFico report yet because it hasn't updated since I opened the acct but on my other monitoring site it's listed as "revolving charge account"

[M_Smart007]

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@sjt wrote:

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@M_Smart007 wrote:

"if" (The Big "IF") it reports as a line of Credit, This could Be Benificial For Some.

Trying to look at the Positive Side of This, now that i am awake.

---

I thought "Revolving Credit" and "Line of Credit" were the same. What matters most to me is the "Open Date".

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Yes, you are correct, i was thinking Installment Loan, which would report different.

so totally my goof up. (Very Long Day Yesterday)

Mine was initially Bill Me Later Account Originally, opened long time ago.

Mine Changed From Bill Me Later on or around Sep 28, 2014 at 6:42 AM (email)

"How a Personal Line of Credit Can Impact Credit Scores

Like a credit card account, a personal line of credit is a form of revolving credit in which a lender authorizes you to borrow against an approved credit limit and make repayments in variable amounts over time. Also like a credit card account, your management (or mismanagement) of a personal credit line can have a major impact on your credit scores.

Both the FICO® Score and VantageScore® credit scoring systems give significant weight to your handling of revolving credit. More specifically, they are sensitive to credit utilization—the percentage of your borrowing limit that you owe at any given time. Most credit scoring experts recommend keeping utilization below 30%—on each revolving account individually and on all of them combined—to avoid lowering your credit score. For more information on credit utilization, including detailed instructions on how to calculate it, see "What Is a Credit Utilization Rate?"

If you use more than about 30% of the borrowing limit on a personal LOC, you can expect your credit scores to go down and to stay somewhat depressed until you repay enough of the balance to get utilization back below 30%".

so yes, it would be all about Utilization and Most important, "The Date Opened"

Utilization Has No Memory, so that can be rectified easily.

it will be interesting so see how they report The Account opened date.

[zerofire]

It sounds to me like for now there are two PayPal Credit systems, the Comenity system and Synchrony system. Anyone that recently applied is now put directly on the Synchrony system along with the associated new line reporting. Anyone that applied in the past before applications were switched over is still on the Comenity system. In September the Comenity systems accounts will be moved over to Synchrony and at that time all of them will begin to report. Considering that Synchrony has a habit of marking one account closed and making a new line of credit report when fraud occurs I am going to go out on a limb and say that it will probably report with the current date of the switch. I can see all of the people expecting to app for Chase at 4/24 getting a surprise that PayPal Credit finally showed up.

[howellco2]

I just got a alert on credit karma that my syncb/pay pal credit changed to pay pal smart connect credit

[slither43]

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@howellco2 wrote:
I just got a alert on credit karma that my syncb/pay pal credit changed to pay pal smart connect credit

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Is that for Paypal credit or the Paypal card?

[FinStar]

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@slither43 wrote:

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@howellco2 wrote:
I just got a alert on credit karma that my syncb/pay pal credit changed to pay pal smart connect credit

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Is that for Paypal credit or the Paypal card?

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Yeah that doesn't sound accurate since the PPC portfolio hasn't fully transitioned.  Typically, most PayPal Smart Connect accounts are converted to a standard PayPal MC Extras product IIRC. 

[ChargedUp]

This is starting to sound like another Synch account I'll be putting on the chopping block... The only reason I went for it in the first place was the hidden line. I'll pay mine off next month and see what happens in the coming months.