Description

PayPal Credit reported to the credit agencies when I have no PayPal credit

### Title: **PayPal Credit Report Mystery: How an Unwanted Debt Is Ruining My Credit Score**

I recently found myself in a frustrating and time-consuming situation with PayPal that has significantly impacted my life in more ways than one. My credit score has taken a nosedive of nearly 100 points because of a debt I didn’t even know existed. What adds insult to injury is that the non-payment of a PayPal Credit card that I never had has been reported to the major credit agencies.

I started this process over a month ago, trying to understand why I suddenly had a new entry on my credit report that reflected a non-payment status for a credit account attributed to PayPal. Given the urgency of purchasing a home, this issue has become a thorn in my side. After all, I am 65 years old and every day counts in the housing market.

It turns out that Synchrony Bank, a subsidiary of PayPal, is the entity responsible for this mess. However, getting their attention has proven to be more challenging than anticipated. I tried contacting Synchrony Bank directly but could not speak to a live person on the phone. The issue is that I can’t even provide them with an account number since I wasn’t the one to open this purported account.

Looking for help, I reached out to the big guns in the financial world that monitor our credit scores: Equifax, TransUnion, and Experian. I also filed a complaint with the Consumer Financial Protection Bureau (CFPB). Among these actions, I hope to catch their attention and create a sense of urgency to resolve this matter swiftly.

Incredibly, most interactions with Synchrony Bank have been with automated services that, at best, sent me confusing and delayed responses. Finally, I spoke to someone who said it would take 60 days to rectify the problem. This timeline could cost me the opportunity to buy my dream home before the current real estate market shifts once again.

If this weren’t stressful enough, I suspect millions of consumers may be facing the same issue. Researching further, I discovered that numerous individuals across the country are reporting similar experiences with Synchrony Bank and PayPal. This behavior is not only concerning but also indicative of a systemic issue that needs urgent attention.

Given the predicament I find myself in and the lack of progress, I am considering using social media to spread the word about this issue and, hopefully, bring attention to the problem. Additionally, I’m weighing the option of consulting with an attorney to explore legal avenues that could expedite the resolution and possibly hold PayPal accountable for their negligence.

This situation stands as a stark warning to all consumers who have encountered any form of ‘phantom debt.’ Make sure to stay vigilant, check your credit report regularly, and be proactive if any discrepancies arise. I urge everyone to know their rights and to push back when faced with erroneous information.

Beware of this problem because, as I have painfully learned, it can derail plans and cause significant emotional and financial stress. PayPal, please step up and address this matter in a timely and professional manner. For now, I remain in this frustrating position, hoping for a swift solution.

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### **Final Notes:**
1. **Checking Your Credit Reports:** Frequent monitoring of your credit reports can help catch errors early.
2. **Contacting Financial Institutions:** Be persistent with financial institutions involved. Provide all documentation to support your claim.
3. **Consumer Protection:** Submitting complaints to the CFPB can help raise awareness and potentially lead to regulatory action.
4. **Social Media Advocacy:** Raising awareness on social media platforms can sometimes prompt swift responses and public accountability.

This story is more than just my personal struggle; it’s a warning to others about potential pitfalls and how they can protect themselves against such issues. Stay informed, stay alert, and always question any discrepancies you see on your credit report.