Consumer financing plans designed to help buy the products and services you need. Securely apply through one of the thousands of merchants in our network today. Synchrony Financial operates as a consumer financial services company. The Company offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards and installment loans.
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Synchrony Financial is a consumer financial services company headquartered in Stamford, Connecticut , United States. Synchrony traces its roots to Synchrony is the largest provider of private label credit cards in the U. In , the company comprised 42 percent of the private label credit card market. Penney , and P. Consumer Financial Protection Bureau. The CFPB alleged "deceptive and discriminatory practices" regarding Synchrony's consumer credit cards.
With regards to the practices that the CFPB called "deceptive," it was alleged that, while operating as GE Capital, Synchrony telemarketers had sold numerous credit card add-on services, such as debt cancellation agreements, to consumers without notifying the buyer in an upfront manner of the terms of the agreements.
According to the CFPB, in many cases, consumers were unaware that they would be charged for these services. With regards to the practices the CFPB called "discriminatory," it was found that Synchrony had discriminated against Latino Americans by excluding from two different promotional statement credit deals customers who had elected to receive communications in Spanish and customers with mailing addresses in Puerto Rico.
The promotional deals were offered from until to customers with delinquent accounts and allowed them to settle their balance with Synchrony Financial by paying some amount which was less than the outstanding balance, under certain conditions.
It is not known why Synchrony chose not to offer this promotion to its Hispanic customers, but the CFPB found that this practice constituted "discriminat[ion] From Wikipedia, the free encyclopedia.
This article contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external links , and by adding encyclopedic content written from a neutral point of view. December Learn how and when to remove this template message. Stamford, Connecticut , United States . Retrieved June 3,
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