What the heck is going on with Synchrony?

[Anonymous]

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@Anonymous wrote:

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@CreditCuriousity wrote:

Most here most liekly won't be impacted just like Comentity died down this will in time will as well..  As long as or you are willing to provide your 4506-t and didn't fib about income you should be good if asked for proof..  This will pass in time like every other lender that does weird things like this every once in awhile.  

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The 4506-T request from Synchrony authorizes LexisNexis to access the tax returns. In other words, a data aggregator - who sells the info to anybody willing to pay - will have it.

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This is interesting.. I agree, they can sell this data to a third party company at any time. It could be another way to make money/ justify any loses. 

[Anonymous]

I would never authorize a 4506-T. If Synchrony wants my pay stubs, bank statements, W2 -- directly from me to them -- fine. If they want to call my employer to verify income -- fine.

Never ever ever open Pandora's box by giving your tax returns to a third party data seller. I'm amazed that on a forum about credit that some people don't care at all about their privacy and security.

[SouthJamaica]

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@Anonymous wrote:

We already have an ongoing lengthy thread about the issue so I'm not sure we need another one:

http://ficoforums.myfico.com/t5/Credit-Cards/What-the-heck-is-going-on-with-Synchrony/td-p/4669682

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I've been reading through those threads and haven't found anyone reporting a a possible trigger, or a pattern.

[SouthJamaica]

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@Anonymous wrote:

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@CreditCuriousity wrote:

Most here most liekly won't be impacted just like Comentity died down this will in time will as well..  As long as or you are willing to provide your 4506-t and didn't fib about income you should be good if asked for proof..  This will pass in time like every other lender that does weird things like this every once in awhile.  

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The problem is that Synchrony is sending their 4506-T to LexisNexis Risk Solutions - I highly doubt many people will be willing to provide that 4506-T knowing it's going to a 3rd party data collector (who can share it with anybody willing to pay for it).

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Wow, are you kidding. That seems illegal.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

We already have an ongoing lengthy thread about the issue so I'm not sure we need another one:

http://ficoforums.myfico.com/t5/Credit-Cards/What-the-heck-is-going-on-with-Synchrony/td-p/4669682

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I've been reading through those threads and haven't found anyone reporting a a possible trigger, or a pattern.

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There's plenty of data points in there.  Whether there is a pattern is left up for you to decide. There isn't going to be any magic answer.  There never is whether it's Chase, Comenity or now Synchrony.   All I know is that there are about 6 or 7 ongoing threads about Synchrony and the more that is added makes it that much more difficult for people to find info.  ML started that thread as a place for people to discuss the closings so while I understand your reason for starting another thread, I think it will just add to the confusion and politely ask you and other to discuss it that one.

[Anonymous]

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@baller4life wrote:
I'll never share tax info with LexisNexis. I'd have no problem replacing my $60k worth of credit with Synchrony with some CU cards. Already have a few on deck! 😅

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+1000

[pizza1]

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@baller4life wrote:
I'll never share tax info with LexisNexis. I'd have no problem replacing my $60k worth of credit with Synchrony with some CU cards. Already have a few on deck! 😅

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absolutely agree with you Baller. Ive got 75k in exposure with just them, and no way in hell would I provide tax info to L-N!! If that was case, and I get hit, Id close them! Heck I plan on closing all but one over the next year anyways, so I dont look so "Egyptian" next year to PF/Alliant, lol... That would just speed up my process! LOL

[AverageJoesCredit]

In theory if they ask for income verification, we should oblige as we should be being honest with our income on applications. However after reading here on what they do or can do with your info via a 4506-T form, im going to have to say no way Jose! . I agree with other posters concerning pay stubs etc. That Should be sufficient. Credit cards come ,credit cards go but to just hand over all that private info to a third party for the sake of a credit limit, i find that crazy. Even if its Amex or a Chase, if they do the same as Sync, then theres no difference between them in that regard. I know some people wont have any problem with this, i respect that, its just this has braught some good knowledge to this Average Joe

[pizza1]

There has been great info in this thread, and thank you ML for posting! I still say, its business as usual folks...

[Anonymous]

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@pizza1 wrote:
There has been great info in this thread, and thank you ML for posting! I still say, its business as usual folks...

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My pleasure, pizza! Just happy it is helping us all. I agree with you, too, business as usual!