Customers complain Synchrony Bank’s credit reporting practices unfairly reduce their credit scores and result in inconsistent reporting to the credit bureaus in violation of FCRA 1681e(b).
Customers state the company does not provide timely or consistent credit bureau reporting when new charges appear or when balances are paid off. Customers have complained that Synchrony has also reported delinquency on accounts paid in full.
In January 2022, GE Capital, a predecessor to Synchrony Bank, agreed to pay nearly $8.5 million as part of a settlement resolving claims it mishandled debts following customer Chapter 7 bankruptcies filed between January 1, 2008, and April 1, 2015.
In 2019, a class action alleged Synchrony Bank requested customer credit reports without a permissible purpose between May 23, 2014, and May 23, 2019.
In 2014, the Consumer Financial Protection Bureau ordered GE Capital to Pay $225 Million in consumer relief for deceptive and discriminatory credit card practices. The lawsuit alleged the company marketed products as free of charge, failed to disclose consumer ineligibility, failed to disclose that consumers were making a purchase, and marketed products as limited-time offers.
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