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Posts: 6
Registered: ‎09-21-2011
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GW or PFD letter?

[ Edited ]

Hello All!


I use to own a 2004 Mazda 3, until it caught fire on 09/06/11. I had full coverage insurance on the vehicle so my insurance company paid off most of the balance. My lien holder Consumer Portfolio Services sent me a letter on 10/10/11, stating that if I pay my balance in full by 11/10/11 that they would report my loan as paid in full to EX, EQ, & TU. However CPS reported me as being 30 days late to Experian & Equifax for the month of September (assuming, because I told them that the car was totaled and I would not be sending payment until I found out what the status of the car would be with my insurance co.) I have the money to pay the balance in full by 11/10/11, but I'm wondering if I should write them a GW or PFD letter to get that 30 days delinquent removed. I also had a redeemed repossession with them and this same car back in 2008 ( Due to paying for a rebuilt transmission a year and a half after I bought the car). So I guess I would like advice on which letter is best to send and if I should ask to have the both the repo and 30 days removed or just the 30 days. Oh and if I should just send the full payment by 11/10/11 to avoid another mark on my credit? Here is a better picture of what they reported to all 3 below. Thanks in advance!


CONSUMER PORTFOLIO SVC   Experian Equifax TransUnion Account Name: Account Number: Account Type: Account Status: Monthly Payment: Date Opened: Balance: Terms: High Balance: Limit: Past Due: Payment Status: Comments: 24- Month Payment History Date:   Experian: Equifax: TransUnion:
57 58
30 Days Late30 Days LateRepossession or Foreclosure
 Redeemed repossession   Auto 
 Repossession; redeemed 






Starting Score: EQ:564 TU:635 9/21/11
Current Score: EQ:564 TU:635
Goal Score: 700 By 12/31/12

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Posts: 32,865
Registered: ‎08-04-2007
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Re: GW or PFD letter?

OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".


I'd skip the PFD for a couple of reasons. First, it really isn't that delinquent. Also, waiting for a PFD to be approved would result in added lates because it'll take too long to get any sort of response back...assuming they'd even accept a PFD.


I'd PIF ASAP. As you experienced, once they catch wind of the accident, they want their payment in full right away. Most lenders will only give you up to 30 days to pay it off and sometimes it takes insurance longer to act. After receipt of the payment, then I'd start with the GWs.



Posts: 100
Registered: ‎05-07-2011
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Re: GW or PFD letter?

I have an almost identical issue with CPS.  I purchase a new vehicle and the dealership sent in a payment to CPS paying off the car.  CPS receives the payment and reports it as 30-days late.  No idea why they did that and at this point it dropped my credit score almost 50-points.  I have been pre-approved for my first home prior to this happening.  I need to make sure it is not showing once I go through the mortgage process as I don't want the lender to see I have a 30-day late payment.  So I decided to GW the CEO and all the SVP's of the company.  I hope it will appeal to them and I get this mess straightened out.  I have been on this credit repair journey and it has been both hard and rewarding.  But to answer your question, send the payment and then start GW'ing them!!!!!

Starting score: (April 2011) 530 - myFICO EQ
Current score: (04/2012) EQ - 608 (myFICO), EX FAKO - 671, TU FAKO - 619

Let's see what happens once they report minus the late payments!!!!!!

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