Consumer complaint received 2023-08-03
Company: SYNCHRONY FINANCIAL
State: MO
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
I am writing this in accordance with the provisions outlined in the Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681, to formally appeal the charge-off reported on my credit history by SYNCB/PPC. I request your immediate attention to this matter to ensure fair and accurate reporting of my credit information, as mandated by federal law. 
During the unprecedented challenges posed by the COVID-19 pandemic, I encountered unforeseen financial difficulties that significantly impacted my ability to meet my financial obligations promptly. Despite these adversities, I actively collaborated with SYNCB/PPC and established a legitimate payment plan in good faith, demonstrating my earnest commitment to rectifying my financial standing and upholding my responsibilities. 
In this context, I must bring to your attention the violations of the CARES Act committed by Synchrony Bank and its affiliate, PayPal. The CARES Act, enacted in response to the COVID-19 pandemic, provides protections for consumers facing financial hardships. Under the Act, creditors are required to offer accommodations to borrowers, such as payment deferrals or forbearance, without reporting late payments or charging off accounts during the period of accommodation. 
Representatives from Synchrony Bank assured me that if I made the required payments, my account would not be charged off, which indicates that the company was aware of the challenges posed by the pandemic. Relying on their promise, I fulfilled my end of the agreement diligently. However, it was disheartening to discover that my account was still reported as " charged off, '' despite my adherence to the payment plan. It was never sent to collection and still, after following the payment plan and payment was made in full of {$2000.00} as you could see in the bank statements, and not {$1400.00} ( in the credit report ), and was reported as a Charge off. 
Pursuant to 15 U.S.C. 1681s-2 ( b ), I have diligently sought clarification from representatives at both PayPal and Synchrony Bank regarding the circumstances surrounding the charge-off. Regrettably, they were unable to provide me with a definitive explanation, and they directed me to dispute the matter with the credit bureaus. However, in compliance with the FCRA, I firmly believe that a direct and lawful intervention from XXXX, as one of the major credit reporting agencies, can expedite the resolution process and prevent further adverse impacts on my credit report. 
Despite my unwavering dedication to fulfilling my financial responsibilities, I was dismayed to discover the " charged off '' status on my credit report. This detrimental entry has inflicted severe repercussions on my credit score and significantly impaired my ability to secure crucial loans, such as a mortgage. 
In accordance with 15 U.S.C. 1681i ( a ), I hereby request that Synchrony Bank conduct a thorough investigation into this matter and consider granting a goodwill adjustment as an act of fairness and compliance with the FCRA. Such an adjustment is essential not only to remove the erroneous charge-off from my credit report but also to reinstate my faith in the equitable application of financial regulations during periods of economic hardship. 
I anticipate your diligent attention to this formal appeal, as required by the FCRA, and request that you provide a written response within 30 days of receiving this letter, as stipulated in 15 U.S.C. 1681i ( a ) ( 1 ) ( A ). I remain readily available through the contact details provided above, should you require any additional information or seek further elucidation of the intricacies of my situation. 
Thank you for your conscientiousness in reviewing this appeal and adhering to the principles of the FCRA. I place my trust in your adherence to the law and look forward to a just resolution that will enable me to rebuild my financial future within the confines of the FCRA 's guidelines.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation