What the heck is going on with Synchrony?

[Anonymous]

I noticed something interesting when reading through this thread:

A number of people mentioned that Synch said their letter was mailed out on 3 July.  3 July was a Sunday, and 4 July was (obviously) a holiday.  Seems a strange time to be taking AA and sending out letters about it.

I finally got my letter from Synch about my request for a CLI via the LUV button that was denied.  Instead of the usual "not enough time at current limit", it had a laundry list of infractions, some not accurate, including too many HPs.  It showed my score as 669, which I think is higher than my last CLI 4 months ago (right when my score dropped for no obvious reason).  The score was dated for 2 June, about a month before my CLI request (also, the letter I received was dated 3 July, so if you are waiting letters from them, they are just now arriving, 9 days later

[Anonymous]

If Synchrony's actions are at all related to "bust-out" fraud, they certainly are upsetting a good number of people, and taking action that is generating poor PR, just to rein in a very small number of people:

Analytical research by Experian indicates that there are 100 to 200 bust-out accounts per year for every million accounts.

That is one tenth of a percent (.01) of every million accounts.

And the entire article describing Experian's analytics on this matter:

http://www.experian.com/assets/decision-analytics/white-papers/bust-out-fraud-white-paper.pdf

[Anonymous]

Once again I would like to thank everyone who has contributed to this thread. I have learned SO much from all of you! Thank you for taking the time to share your knowledge and your experiences.

[Anonymous]

My 5 accounts are good so far. I log in to all of them everyday. (Walmart, Amazon, Lowe's, Old Navy, Marvel)

1 thing that started happening though like 2-3 months ago, is that they report at random times of the month, way before the statement closes, as if it's on purpose. They know I always pay my cards in full before the statements cut. So it's like they report it weeks early, knowing that there's a balance on there that I haven't paid off yet. 

No other lender that I have does that. Only Synchrony. Otherwise no issues. I use the cards that I have all the time, and I'm hoping it can start that way. Unlike many other people, I'm still not at a point where my other major cards give me high limits. So I get good use out of these cards. 

[Anonymous]

Maybe they've always done that, I don't know. My oldest card with them is only 6 months old. I'm just speaking to what they've been doing to me recently. 

[Anonymous]

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@Anonymous wrote:

Maybe they've always done that, I don't know. My oldest card with them is only 6 months old. I'm just speaking to what they've been doing to me recently. 

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Totally OT but your username reminds me of how much money that I have spent with them. Gotta love the orange

[Ondi]

.

[Anonymous]

I'd like to post an update. I called CareCredit last night and spoke with a rep that was genuinely willing to help. I finally got that "ONE" out of TEN. He couldn't see anything 

in particular, so he got the Fraud Prevention department on the line. She was also nice and forthcoming. I flat out told  her that I had spoken with several reps and all of the

secrecy behind these letters is giving me grief. I asked, "Can you just tell me if it's a request for a 4506-T?" She said, "I'm looking at your account. NO, IT'S NOT A

REQUEST FOR A 4506-T. They want to verify your ssn. All you have to do is fill out the form and fax or mail it back. You don't have to send anything in with it, but I am not

sure if you have to get it notarized or what not. I can't see the actual form to know that. But I can safely tell you that it's not a request for your tax return transcript."

So I guess everyone that's getting these letters are getting them for different reasons because she went on to say that "Some people will get them for ssn verification

and some will get them for address verification."  So it just seems as though it's random methods of verification that they are doing. We again will see once they get

here because  I am curious to know what is in there. Is it just a form that's filled out and that's it? Just wondering...Also, she told me that, because I do have multiple

accounts, to just put the last 4 digits of the account number on there and the names of the cards and that once they clear the CareCredit block, they can go in and clear

all of the other blocks. So that's all the information I have right now. I hope this helps. 

[Anonymous]

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@Anonymous wrote:

I'd like to post an update. I called CareCredit last night and spoke with a rep that was genuinely willing to help. I finally got that "ONE" out of TEN. He couldn't see anything 

in particular, so he got the Fraud Prevention department on the line. She was also nice and forthcoming. I flat out told  her that I had spoken with several reps and all of the

secrecy behind these letters is giving me grief. I asked, "Can you just tell me if it's a request for a 4506-T?" She said, "I'm looking at your account. NO, IT'S NOT A

REQUEST FOR A 4506-T. They want to verify your ssn. All you have to do is fill out the form and fax or mail it back. You don't have to send anything in with it, but I am not

sure if you have to get it notarized or what not. I can't see the actual form to know that. But I can safely tell you that it's not a request for your tax return transcript."

So I guess everyone that's getting these letters are getting them for different reasons because she went on to say that "Some people will get them for ssn verification

and some will get them for address verification."  So it just seems as though it's random methods of verification that they are doing. We again will see once they get

here because  I am curious to know what is in there. Is it just a form that's filled out and that's it? Just wondering...Also, she told me that, because I do have multiple

accounts, to just put the last 4 digits of the account number on there and the names of the cards and that once they clear the CareCredit block, they can go in and clear

all of the other blocks. So that's all the information I have right now. I hope this helps. 

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Well, that is very good news, isn't it? Thanks for calling and thanks for posting it in the thread. 

[ecb]

That is some great info right there!! Good luck to u!!