cancel
Showing results for 
Search instead for 
Did you mean: 

Anybody else get an email about Paypal changing terms

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Re: Pay pal credit! reporting !


@AverageJoesCredit wrote:
Looking more likely everyone will be member since 2019Smiley Wink. Not cool but thats SyncSmiley Wink

If the wrong dates are used, then I will file a dispute with the bureaus.  They MUST report accurately.

Message 81 of 118
Member

Re: Pay pal credit! reporting !

Hi - I contact them directly via email and this is what they responded - fingers crossed! Will give me a little more time to pay it down before it starts reporting. 

 

"We have been advised that Synchrony will begin credit reporting no sooner than September 2019. We have no further information at this time.

Thanks for being a PayPal Credit customer."

Message 82 of 118
Senior Contributor

Re: Pay pal credit! reporting !


@Gonzozap wrote:

@AverageJoesCredit wrote:
Looking more likely everyone will be member since 2019Smiley Wink. Not cool but thats SyncSmiley Wink

If the wrong dates are used, then I will file a dispute with the bureaus.  They MUST report accurately.


They would be reporting accurately. They are only responsible for reporting the time that they have been the servicer of the account which is happening in June. There is zero obligation for a creditor to report dates that an account was owned by another company. 


Scores 1/2019:
Scores 7/2019:

Hover over my cards to see my limits!
Goal cards:
Message 83 of 118
Community Leader
Valued Contributor

Re: Pay pal credit! reporting !

But didn't synchrony start servicing PPcredit last year or am I dreaming again lol?
CU NFCU PENFED ALLIANT BANK USAA BBVA BB&T PPMC IKEA MARVEL DISCOVER STORECARDS LOWES AMAZON MACYS WALMART WAYFAIR CARECREDIT
Message 84 of 118
Senior Contributor

Re: Pay pal credit! reporting !

It looks like they didn’t take full ownership of the accounts til now. I dunno it’s confusing to me too. 


Scores 1/2019:
Scores 7/2019:

Hover over my cards to see my limits!
Goal cards:
Message 85 of 118
Community Leader
Valued Contributor

Re: Pay pal credit! reporting !


@Saeren wrote:

It looks like they didn’t take full ownership of the accounts til now. I dunno it’s confusing to me too. 


Clear as mudSmiley Happy

CU NFCU PENFED ALLIANT BANK USAA BBVA BB&T PPMC IKEA MARVEL DISCOVER STORECARDS LOWES AMAZON MACYS WALMART WAYFAIR CARECREDIT
Message 86 of 118
Community Leader
Senior Contributor

Re: Pay pal credit! reporting !


@Saeren wrote:

@Gonzozap wrote:

@AverageJoesCredit wrote:
Looking more likely everyone will be member since 2019Smiley Wink. Not cool but thats SyncSmiley Wink

If the wrong dates are used, then I will file a dispute with the bureaus.  They MUST report accurately.


They would be reporting accurately. They are only responsible for reporting the time that they have been the servicer of the account which is happening in June. There is zero obligation for a creditor to report dates that an account was owned by another company. 


I'm not sure that's entirely correct. For example I got a Best Buy MC in Oct. 2011 when it was issued by HSBC. Capital One acquired the Best Buy accounts around 2012 and reported the original HSBC open date. Then Citi acquired the BB accounts around 2013 and they reported the original HSBC open date. I closed it in 2015 and it now reports both by Cap One & Citi in my Closed accounts, although HSBC stopped all reporting.

BUT, the account was reported to the CRAs at all times, so I think to keep the reporting accurate as required by law, the new owners had to continue to report the original open date of the prevous account owner. But since PayPal Credit has never been reported to the CRAs I think that enables Synch to just report a start date when they acquired the account - that would be accurate reporting because nothing else has ever been reported.

 

I opened my account back around 2007-2008 when it was Bill Me Later but rarely used it and I didn't like Sync's new minimum payment requirement so I closed it in April. Good call, I would not be a happy camper if a 12 year old account reported as a new account in June.


Fico 08: 720/721/719 TU/EX/EQ
Message 87 of 118
Regular Contributor

Re: Pay pal credit! reporting !


@Saeren wrote:

@Gonzozap wrote:

@AverageJoesCredit wrote:
Looking more likely everyone will be member since 2019Smiley Wink. Not cool but thats SyncSmiley Wink

If the wrong dates are used, then I will file a dispute with the bureaus.  They MUST report accurately.


They would be reporting accurately. They are only responsible for reporting the time that they have been the servicer of the account which is happening in June. There is zero obligation for a creditor to report dates that an account was owned by another company. 


Well, I would need to know where this information originates.

 

It certainly is NOT true in the mortgage business.  When mortgages are bought & sold and when servicers change, the reporting does not start as a new loan.  That would be a catastrophe.  Homeowners would lose their minds.  Loans are bought and sold like candy.

 

Years ago, I had at least a couple credit cards that were taken over by a new bank.  Elan was one and Fleet was another.  The reporting under the new lender did not begin reporting from when they took over the accounts as if the cards were recently opened.  

 

Now, I'm perfectly ok with reporting of payments starting now.  But the date the account was opened must stay the same.  Since I never did "open" an account with the new lender.

Message 88 of 118
New Visitor

Re: PayPal CREDIT to report in JUNE ???

Someone may have already answered your question, but just in case...

When a lender reports a new account to the bureaus they are allowed to include 2 years worth of prior history. So let's say on June 1, 2019 Synchrony reports to the bureaus, assuming your account is at least 2 years old, your credit report would show history starting on June 1, 2017.

Personally I don't think Synchrony will report to the bureaus unless the account has chronic late payments or goes into collection. I think they would piss off A LOT of customers by lowering their average age of credit and in the majority of cases negatively impacting their score. However on the flip side, only Synchrony knows what they're going to do and as of now they're not exactly being clear and that doesn't exactly instill confidence...
Message 89 of 118
Member

Re: PayPal CREDIT to report in JUNE ???


@ViaVeritas wrote:
Someone may have already answered your question, but just in case...

When a lender reports a new account to the bureaus they are allowed to include 2 years worth of prior history. So let's say on June 1, 2019 Synchrony reports to the bureaus, assuming your account is at least 2 years old, your credit report would show history starting on June 1, 2017.

Personally I don't think Synchrony will report to the bureaus unless the account has chronic late payments or goes into collection. I think they would piss off A LOT of customers by lowering their average age of credit and in the majority of cases negatively impacting their score. However on the flip side, only Synchrony knows what they're going to do and as of now they're not exactly being clear and that doesn't exactly instill confidence...

It's after June 1st now, when synchrony offically took over.  In the U.K. and Puerto Rico they started reporting to the credit bureaus in those countries./territories.  It just hasn't hit the United States yet. This is according to people reporting it at the bottom of this webpage via DISQUS:  https://www.smartsavvylife.com/does-paypal-credit-report-to-credit-bureaus/

 

 

I'm just curious of when exactly will it hit us?

Message 90 of 118