Did anyone else get an email this morning saying that their PayPal credit line was going to Synchrony Bank?
It looks like it is no longer going to be a hidden line of credit, among other changes.
My payment was late by half an hour the other day, so I'm wondering if this is the result of that or if this is being done across the board.
I got the same email. Never been late, just got an increase a couple days ago by purchasing over my limit. This notice has been going out in batches. Synchrony has owned the accounts since last year, they are just now taking over the actual "servicing" of the accounts effective in June. Up until then the statements still had Comenity's mailing address and phone number so maybe there was some type of agreement between them. I clicked the link and read the entire policy change attachment and while it mentioned Synchrony had the right to report to the credit bureaus it did not say specifically that they would except in cases of default or missed payments. YMMV. I think we won't know for certain until June.
I received the same email this morning. I visited my account online and the only thing that's updating is terms and conditions that don't really impact me like returned check fees or late fees.
I got the same email today also. According to the email, changes to the way minimum payement is calculated go into effect in September which is my guess when they will begin repprting.
I have received (2) emails, for (2) paypal accounts, only one credit line i have had since like the beginning of time.
I personally think the term "may" report is what it is. meanining they could report or may report if late or default.
until i actually see people posting that it is being reported to CRA's, I would not read to much into it.
it cost to report to the big (3) CRA's, and I guarantee the disputes alone, they'd have to hire a slew of CSR's just to handle that.
so IMHO, i wouldnt worry to much, until it is.
Would they report late payments in the past when they weren't part of Paypal? Even then they never showed payments made on a CR so would it be fresh starting say in June moving forward or would they establish some past history? Anyone care to take a guess.
I believe the alert to the change in terms with the "reporting" comment, although standard, is a prelude to them reporting. Gotta pay my bill down. But prior to Synchrony, I have read that it DID report when someone was delinquent.
ALL my credit agreements use the term "MAY" report. It's pretty standard language in credit agrements. Of course, they all report.
"May" is a legal term giving them the right and advising us of that right, BUT it doesn't obligate them to report. They simply prefer to use "may" and not "will" or "shall."
We can't determine anything from the word "may."