Good morning all!
Due to content this post will be rather lengthy. I will try to condense as much as possible, but it's worth reading and I'd love some feedback from the community. I did some diligent research and located the corporate email address of GM Financials Executive V.P. Chief Credit Risk Officer. I emailed the following: For reference, my emails will be posted in red, their response posted in blue.
"Mr. xxxxx,
My name is xxxx, I had a car loan financed by GM Financial; the loan was opened February 2005 and paid off November 2010. Over the course of the loan, there were several 30 day and a few 60 day late payments. The account now shows "Closed" on Experian and Transunion and "Not Updated" on Equifax. The balance shows $0 on Equifax and Transunion, but is blank on Experian. Also curiously the status on Equifax and Transunion show "Paid as agreed" with Experian showing "Paid account was 30 days past due 6 times or more". Then in the payment timeline it shows the corresponding months for the late pays.
I realize that as an account ages, the lates have less weight regarding scoring, but these are still a blemish on my report and are negatively affecting my scores. I am writing to see whether GM Financial would consider making a goodwill adjustment to the credit reporting bureaus on my closed account. I am asking if GM Financial would remove the adverse late payments from these accounts in reporting to the credit bureaus. I understand this is a rather unusual request; I take full responsibility for the mismanagement of this account, but since this time I have worked diligently to take responsibility of and repair my credit rating. I have attached screen shots of the accounts from a tri-merge credit report.
Regardless of your decision, please know that I thank you for helping me at a time when it was needed.
Sincerely,
xxxx"
He in turn forwarded my email to a Vice President of Servicing Administration, with whom the remaining correspondence took place. His reply:
"Mr. xxxx,
Re: Account # xxxxxxxx
Vehicle: 2002 FORD TAURUS
VIN- xxxxxxxxx
Thank you for your recent letter in reference to your GM Financial account. Your letter was referred to me from Mr. xxxxx's office. GM Financial is required to report truthful and accurate information to the credit reporting agencies. Our research concludes that the account status and the account payment history have been reported to the credit agencies with accurate and truthful information. As a result, we are unable to comply with your request to remove any valid delinquencies and status as reported to Experian, TransUnion or Equifax.
Please do not hesitate to contact me if you have additional questions related to this matter.
Sincerely,
xxxxxxx
Vice President Servicing Administration"
My response:
"Mr. xxxx,
Thank you for your quick response; it speaks volumes about the high level of personal customer service GM Financial provides even to it's former account holders. GM Financial as well as any reporting furnisher of account information must comply with the rules of the FCRA.
However, according to case law and FCRA 623(a)(1) reporting to a CRA is governed by FCRA 623(a)(1), which states that a furnisher of information may not knowlingly report inaccurate information to a credit reporting agency. It does not place any requirement on a credtior or debt collector that they cannot delete information, even if it is accurate.
If a creditor chooses not to report to a CRA, there is no requriement that they ever report. Creditors pay to report to a CRA. This is done voluntarily or as a matter of business practice by the creditor, the FCRA does not compel that upon a creditor. Deletion of any prior reporting of a derogatory item of information does not render that reporting of a deletion inaccurate. They have just chosen to delete it, for whatever reason (in this case, a good will gesture). Deletion does not equal an admission of inaccuracy of their prior reporting.
The real issue is solely an administrative, as opposed to a statutory FCRA, issue. CRA reporting guidelines instruct furnishers of information not to delete prior, accurate reporting based solely upon payment of the debt. That is not a statutory prohibition, and the CRAs don't ask for and don't require that the reporting of a deletion must provide reasons. If the furnisher (GM Financial) reports a deletion, the CRA must delete.
Mr. xxxx, I'm asking as a good will gesture that GM Financial report a deletion of the entire trade line, not just specific late payments. As I've explained above per the FCRA, there is no legal violation in doing so. I respectfully ask that you reconsider.
Sincerely,
xxxx"
His response:
"Mr. xxxx,
According to the FCRA, it is the responsibility of the credit reporting agencies to delete derogatory information after a prescribed period of time has elapsed.
We currently get hundreds of requests from customers each year to delete previous derogatory credit information. Unfortunately, we must treat everyone equitably. If we deleted one, we would have to delete them all. That would seriously undermine the purpose of credit reporting.
Unfortunately, I am not able to honor your request.
Sincerely,
xxxx
Vice President Servicing Administration"
I know this is an old account, and a goodwill letter is just that, "good will". They are under no legal obligation to remove it. Some have success and some don't. I've GW before to other companies, and sometimes I get the "it's illegal to remove accurate information" response. But after quoting the FCRA it left him no legal defensible position except to say basically "if we do it for one we have to do it for all". I've read on other forums where SOME have had success with GM Financial deletes.
At this point should I email the CEO himself and copy him on the emails, stating that others have documented success with GW deletions and that his Vice President of Servicing Administration basically admitted that he would have to remove my trade line accordingly; should I email the CEO and remind him that the Federal Government showed GM "good will" by bailing them out in 2008? Or should I just leave this alone and let the account go to a positive status in 2017?
I've kind of taken this personally at this point, and am on a quest to get this trade line good willed off unless other s in the forum think it best I just leave it be.
