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30-Day Late

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MikeDallas
Valued Member

30-Day Late

Hello All,

I have an account that I pay on bi-monthly (every two weeks). I have been a few days late on this account about 3 times over the last couple years. To my shock, when I pulled up my credit report, the lender has reported me as 30 days late all three times.

When I called the company, the CS rep explained that "that's how it works when you are paying bi-weekly. 30-days does not mean 30 calendar days.".

Is this true?

Does 30-days late mean
- Late by 30 calendar days,
OR
- Payment not received before next due date in cycle (whether it's monthly, bi-weekly, etc.)

Thanks!!!
Confused in Dallas :-)

_____________________________________________
TU:529 EQ: 529 EX: 524
Goal: 650+ June 2013
*************** 6/7/2013 *************
***** EQ 682 EX 655 TR 621 *****
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2 REPLIES 2
llecs
Moderator Emeritus

Re: 30-Day Late

IMO, a 30 day late refers to late within 1-30 days. So if you were late by 1 day, you'd be in the 1-30 days late column.
 
They seem a bit touchy though. You probably could GW them to get the lates removed.
Message 2 of 3
marty56
Super Contributor

Re: 30-Day Late

Wells Fargo and Best Buy's policy (4 years ago anyway) was that you were 30 days late if it wasn't paid by the next statement date which in Wells Fargo's case was 2 days after the due date.
 
Also keep in mind that they may want the payment by a certian time on the due date.  This is importatnt if you do a phone pay or pay in person.
1/25/2021: FICO 850 EQ 848 TU 847 EX
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