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 Posted: Wed Apr 16, 2008 9:18 am Subject: Lates |
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I have a question...can they report 30 day late when you were only 15 days late? Seems to me they can't report a 30 day late if it wasn't 30 days late. 
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goldenbast
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| Posted: Wed Apr 16, 2008 9:23 am Subject: |
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goldenbast - I'm not sure if this is something done by the credit bureau, or the creditor themselves. Maybe the system only allows them to report as 30 days late when it was 1-30 days late, then 60 days late if it was 31 - 60 days late? Maybe there's no breakdown for a particular number of days, but only a set timeframe for them to report it as number of days late?
Just a thought. I'm sure someone else will offer more concrete info.
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SUEBEEHONEY70
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| Posted: Wed Apr 16, 2008 4:32 pm Subject: |
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Quite simply, no. An account has to be more than 30 days past the due-date before it can be reported as delinquent. That comes straight from the bureaus.
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DebtCruncher
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| Posted: Wed Apr 16, 2008 4:36 pm Subject: |
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I'm not sure how reporting goes, but some creditors won't hesitate to slap you with a late fee even if you are 1 minute late.
With Wachovia who finances my Jeep, I discovered that they won't slap you with a late fee or report until it goes more than 10 days late ( which has helped me ride over that gap inbetween paydays ), but Ge Money, who finances my lousy Paypal credit account ( which I can't wait to pay off and close ) counts it late if you don't log in and pay your bill EXACTLY 48 HOURS BEFORE IT'S DUE. Just Ge Money's little way to collect late fees from you. It makes me so mad. I can pay online or over the phone the day before it's due date, and it's considered LATE.
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Amaranth
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| Posted: Wed Apr 16, 2008 5:47 pm Subject: |
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oops, can someone delete my double post? Sorry! 
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SUEBEEHONEY70
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| Posted: Thu Apr 17, 2008 5:10 am Subject: |
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Yes Amaranth, the late charges are a different story. Most installment lenders (your car, etc) have laws that say they can't charge a late fee until it is 10 days late. Believe me, they would charge it over a single day but they can't.
Credit cards can charge a late fee if you're a day late, because you've already had 30 days from the statement date to pay it.
| Quote: | | I can pay online or over the phone the day before it's due date, and it's considered LATE. |
Unfortunately with electronic medium, it's legal for them to require 1 or 2 days lead time to post a payment to the account, as long as they disclose that fact. Just like the mail - you have to send it a few days earlier so it gets there in time.
The Citi Business card my company uses is a pain in the @$$ -- They only give 15 days to pay from the statement date. The owner of the company gets it mailed to his home, and he sits on it for a week or so before he finally brings to me to pay it; if I don't cut a check right then and mail it, we will get hit with like $200-300 in finance charges.
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DebtCruncher
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