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Anybody else get an email about Paypal changing terms

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Re: Pay pal credit! reporting !

From what is being reported by users here, it seems like the June update/September reporting is for existing users, and all new users will have the TL report immediately. I highly doubt Synchrony will have different reporting terms for the same account across different users. My concern is whether old users will be backdated to when the account was first opened, or if it will report as a June 2019 account, when the full switch went into effect.

Message 81 of 179
Community Leader
Mega Contributor

Re: Pay pal credit! reporting !

Looking more likely everyone will be member since 2019Smiley Wink. Not cool but thats SyncSmiley Wink
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2022
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Message 82 of 179
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 83 of 179
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 84 of 179
Super 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. 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 85 of 179
Community Leader
Senior Contributor

Re: Pay pal credit! reporting !

But didn't synchrony start servicing PPcredit last year or am I dreaming again lol?
EXP 763 TU 793 EQ 734
Message 86 of 179
Super 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. 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 87 of 179
Community Leader
Senior 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

EXP 763 TU 793 EQ 734
Message 88 of 179
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: 734/716/734 TU/EX/EQ
Message 89 of 179
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 90 of 179
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