quick question / clarification

Anonymous · ‎08-31-2007

A couple of questions -

What does "profit & loss" mean in the "payment" section of a particular accounts standing on the Credit Report?

My 2nd question is regarding the very popular and seemingly powerful, PFD & GW letters. Personally, I think they deserve their own subheading folder in the forums - there is a lot of information from very knowledgable people - but i also think there is a lot of clarification issues that seem to pop up - and here is one of them.

Do you send the PFD letter (or GW letter) to the Original Creditor, or do you send it to the Collection Agency who is sending you letters and calling your phone?

For example: AMEX is the original creditor, but a collection agency is the one bugging. I would like to do a PFD for either the whole amount or the "settled amount" to be done with this and have it removed from the report.

Thanks for the knowledge and experience that you bring to these forums!

Anonymous · ‎08-31-2007

Usually it means the account was charged off and written off the P&L as bad debt.

Rob

Anonymous · ‎08-31-2007

Thanks -

anybody know on the PFD or GW question???

Anonymous · ‎08-31-2007

PFDs go to whomever is reporting the debt to the CRAs. GWs typically go to OC but many send to CAs.

Rob

Anonymous · ‎08-31-2007

vedderman wrote:
A couple of questions -

What does "profit & loss" mean in the "payment" section of a particular accounts standing on the Credit Report?

My 2nd question is regarding the very popular and seemingly powerful, PFD & GW letters. Personally, I think they deserve their own subheading folder in the forums - there is a lot of information from very knowledgable people - but i also think there is a lot of clarification issues that seem to pop up - and here is one of them.

Do you send the PFD letter (or GW letter) to the Original Creditor, or do you send it to the Collection Agency who is sending you letters and calling your phone?
For example: AMEX is the original creditor, but a collection agency is the one bugging. I would like to do a PFD for either the whole amount or the "settled amount" to be done with this and have it removed from the report.

Thanks for the knowledge and experience that you bring to these forums!

A PFD is sent to a CA or OC....whichever holds the debt or showing on CR

GW is used to ask for 30-60-90 late payments or to delete some kind of baddie.......sent to whoever is reporting to CRA

Anonymous · ‎08-31-2007

Happy- you stated that you could PFD the OC or CA.

I could swore I saw somewhere on the forums where someone said you could only PFD the CA, not the OC and meant to ask about it.

Perhaps they meant you couldn't PFD the OC if already sent to a CA? Is that true?

Thanks.

Anonymous · ‎08-31-2007

ProudMom wrote:
Happy- you stated that you could PFD the OC or CA.

I could swore I saw somewhere on the forums where someone said you could only PFD the CA, not the OC and meant to ask about it.

Perhaps they meant you couldn't PFD the OC if already sent to a CA? Is that true?

Thanks.

you can PFD CA or OC whoever is reporting

Are you confusing DV with PFD?

Message Edited by HappyDays on 08-31-2007 02:32 PM

Anonymous · ‎08-31-2007

Maybe so? Can you not DV an OC?