Personal Finance

PC Financial reports 73 cents as late payment

  • Last Updated:
  • Apr 23rd, 2017 6:27 pm
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Aug 18, 2005
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iamthebest wrote:
Apr 16th, 2017 12:12 am
The phone call is more expensive than your debt.
The cost of reporting it to the bureaus is probably more expensive than the debt as well...

IMO PC Financial didn't do anything wrong here, but they should also cut the OP some slack. Small things like this are what cause long-time customers to terminate business relationships. It costs more than 73 cents to get a new customer!

This is why some people switch to credit unions. Big banks don't really have souls or functioning brains.
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Mar 9, 2012
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Yep...I *had* an Apple Financial Card (TDBank Financial). I paid it off, but apparently I missed some of the interest charge. Keep in mind, Apple financial sends you a notice regardless if you owe or not. My fault for not checking, but I did get dinged by this, and lost my Apple Card. Oh well. Lesson.

I think I owed like $0.25, but it is what it is.
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Aug 3, 2014
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Jucius Maximus wrote:
Apr 16th, 2017 1:22 pm
The cost of reporting it to the bureaus is probably more expensive than the debt as well...

IMO PC Financial didn't do anything wrong here, but they should also cut the OP some slack. Small things like this are what cause long-time customers to terminate business relationships. It costs more than 73 cents to get a new customer!

This is why some people switch to credit unions. Big banks don't really have souls or functioning brains.
Obviously "It is not about the money. It is about sending a message." People need to check and pay their debts on time so they don't have to whine on RFD.
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Nov 24, 2013
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Jucius Maximus wrote:
Apr 16th, 2017 1:22 pm
The cost of reporting it to the bureaus is probably more expensive than the debt as well...
A phone call with a human has a direct cost. Them reporting to the bureaus is a computer automatically sending who's current, who's 30 over, who's 60 over, etc. Sure the information system costs money, but there's no marginal cost.
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Aug 22, 2011
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Yes, you can request them to retract the delinquent payment.
I'm not sure if instantly bumps your score, but that's negligible, as FIs don't necessarily use the bureaus scoring model.
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Aug 24, 2016
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vkizzle wrote:
Apr 17th, 2017 8:05 am
Yes, you can request them to retract the delinquent payment.
I'm not sure if instantly bumps your score, but that's negligible, as FIs don't necessarily use the bureaus scoring model.
But any scoring model will weigh heavily on a late payment. Even internal scoring.
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ichpen wrote:
Apr 15th, 2017 12:11 pm
I get that it's an automated report, but not to call me ahead of time.............. it is a little bit of a poor show on their behalf.

I'm not a robot and have missed due dates before and received a polite call back from other banks to remind me.
All I can say to this is that not all companies have the same policies.

Most companies are not going to call you before the payment is due... Or even within 30 days of being overdue because it is your responsibility to check your statements. Especially the month after a large payment was made.

In the agreements you signed, I'm sure it states it's your responsibility to check your account at least once a month for errors or corrections, etc.

It sucks... But pay the 73 cents, take it as a life lessons to check all your accounts at least once a month and carry on. At least you caught it before 60 or 90 days overdue and having it destroy your credit rating.
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Aug 22, 2011
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coolintheshade wrote:
Apr 17th, 2017 8:28 am
But any scoring model will weigh heavily on a late payment. Even internal scoring.
Agreed, that's why it is important for OP to get rid of the delinquent payment.
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Jan 2, 2015
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Shawguy wrote:
Apr 17th, 2017 9:10 am
All I can say to this is that not all companies have the same policies.

Most companies are not going to call you before the payment is due... Or even within 30 days of being overdue because it is your responsibility to check your statements. Especially the month after a large payment was made.
Most banks will email you when a statement is available and also when a payment is due. Some banks also allow PADs on credit lines too.
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Jan 14, 2011
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ichpen wrote:
Apr 15th, 2017 10:41 am
Or maybe it is the usual thread and I need to vent a little. :) And let this be a lesson to everyone.

So I'm usually pretty good at paying off all my credit card accounts and LOCs in full monthly. I have/had a pretty good credit score (over 850) for the longest time. Scroll forward to a couple of months ago when I fully discharged (or at least I thought it was) my President's Choice Financial LOC (40k limit). What appears to have transpired is that I had accrued 73 cents interest subsequent to this which put the account in negative balance. It's an account that I very seldom use so of course I completely neglected to double check any statements I may have received.

Yesterday I received an equifax alert of a credit score downgrade. Yep, PCF reported a $1 (I assume minimum amt) 30 day overdue balance which I suspect wiped off 80 points off my credit score.

I instantly called PCF to clarify and indeed there was 73 cents outstanding on the 40k LOC. I did receive a statement but alas by my own silly omission did not check. I immediately escalated to a supervisor but no go, they cannot remove the late payment report as technically it is accurate. No goodwill there (or perhaps no technical way of reversing this?).

I fully concede that I should've checked up but at the same time this is a 12 year old account in good standing and I did not receive a single phone call or alert that it was in arrears which would've been the nice thing to do before reporting it.

Has anyone been in this kind of situation and have you managed to get it resolved? I'm thinking of escalating this to their Office of the President but I'm not able to find information on what that process is.

Apologies for the vent.
I got an Amazon visa statement were the balance due was 78¢, and instead of requesting payment they just made a "small balance adjustment" to bring it to zero. Pretty cool. That's how PC should've handled it.
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Aug 24, 2016
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Shawguy wrote:
Apr 17th, 2017 9:10 am
All I can say to this is that not all companies have the same policies.

Most companies are not going to call you before the payment is due... Or even within 30 days of being overdue because it is your responsibility to check your statements. Especially the month after a large payment was made.

In the agreements you signed, I'm sure it states it's your responsibility to check your account at least once a month for errors or corrections, etc.

It sucks... But pay the 73 cents, take it as a life lessons to check all your accounts at least once a month and carry on. At least you caught it before 60 or 90 days overdue and having it destroy your credit rating.
Totally agree. I personally make a habit of checking every statement, even if it's a $0 balance.
You can save yourself a lot of hassle in the future taking the time to do this.
I was reading on another forum of someone's credit card being charged for a purchase they did not make, then the charge was refunded the same day.
Some suspect this is a way for a fraudster to check the validity of a credit card.
If you didn't check your statement even if $0 balance, you could totally miss suspicious activity like this.
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vkizzle wrote:
Apr 17th, 2017 9:25 am
Agreed, that's why it is important for OP to get rid of the delinquent payment.
That is why it is important for OP to pay his bills on time. I hope PCF won't give in to his requests for special treatment just to get him off their backs so that he learns to pay his bills on time and not screw up the integrity of the system.
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Aug 22, 2011
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hvwozq wrote:
Apr 17th, 2017 1:07 pm
That is why it is important for OP to pay his bills on time. I hope PCF won't give in to his requests for special treatment just to get him off their backs so that he learns to pay his bills on time and not screw up the integrity of the system.
Honest mistake?
While I had a similar issue (larger amount), it was due to a credit card transfer with RBC, in which I assumed my balance on the old card would have been transferred to the new card (assumption without and facts our confirmation) and RBC had no issues to retract the missed payment reporting and even credited me $50 for the inconvenience.

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