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Anybody else get an email about Paypal changing terms

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Frequent Contributor

Re: PayPal Credit going to Synchrony Bank???

@bichonmom wrote:

Did anyone else get an email this morning saying that their PayPal credit line was going to Synchrony Bank? 


We are writing to let you know that Synchrony Bank, the Lender for your PayPal Credit account, will now be servicing your account and is also updating the account terms, which include the Account Agreement, E-SIGN Consent and Privacy Policy applicable to your account. Please read this communication and the associated documents carefully and in their entirety as they contain important information for your account, and keep these important documents for your records. 


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.

Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 21 of 179
Regular Contributor

Re: PayPal Credit going to Synchrony Bank???

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. 

Message 22 of 179
Valued Member

Re: PayPal Credit going to Synchrony Bank???

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.  

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Message 23 of 179
Senior Contributor

Re: PayPal Credit going to Synchrony Bank???

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.

Message 24 of 179
Valued Member

Re: PayPal CREDIT to report in JUNE ???

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.

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Message 25 of 179

Re: PayPal CREDIT to report in JUNE ???

I got this as well and was glad they gave us a couple months warning. I would say that we should expect it to report. It may not end up reporting but you should prepare yourself just in case.
Message 26 of 179
Senior Contributor

Re: PayPal CREDIT to report in JUNE ???

Mine will be zero in August anyway, and util is < 28% already - but I still hope they don't report. 

Message 27 of 179
Regular Contributor

Re: PayPal CREDIT to report in JUNE ???

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.

Message 28 of 179
New Member

Re: PayPal CREDIT to report in JUNE ???

Not sure — there are a LOT of updated terms in this release and a lot of it may be standard as you said — I think it best we call PayPal credit every so often to see if the reps have any actual updates that are more definitive. I think most of us enjoy the hidden line and Synch should really keep it that way (popular opinion!). I don’t see them suddenly reporting this after years of not doing so, the main issue will be AAofA If it reports as new — as well as UTIL for many ! Lol
Message 29 of 179
Regular Contributor

Re: PayPal Credit going to Synchrony Bank???

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."

Message 30 of 179
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