Late Payement in violation of FCRA??

[Anonymous]

Hi, I made a vehicle lease payment to my credit union on a Sunday morning, which was day 29 after it was due. Day 30 was Monday and since the payment was processed on Monday, the 30th day, they say it was late and therefore reported it as 30 days late, even though i actually paid it on the 29th day....

anyone have any specific lart of the fcra that would help me out????

[Anonymous]

All creditor have their own rules. Some will report if you are 1 day late. The 30 day late on you CR means  1-30 days late.

[Anonymous]

Happy Days, what you said did not pertain to the subject and desire of the post...

1- of course i know what the heck the 30 days late payment means... i dont live in a cave with bin laden.

2-  you failed to address the issue at hand. I paid it before the 30th day, the payment processed on the 30th day and thats why they reported it as 30 days late. im trying to find out if they are allowed to do that.

3- the fcra doesnt address this singularly...hence my request for further help

I suggest you take the time read and re-read post before making comments, thanks

[Cleanmachine]

Deposits and payments to Credit Unions made on Saturday or Sunday's are process the first business day which would be a Monday.

Since you made you payment on a Sunday, your payment was processed on Monday which in turn made you 30-days late. 

There are no violations of the FCRA and yes, they are permitted to report this to the Credit Bureaus.

If this is your first time being late, I would suggest you call them and request forgiveness and not report this issue with the credit bureau.

I would also suggest that you use a little more finesse with the Credit Union then you made with your response with Happy Days.

Message Edited by Cleanmachine on 02-17-2009 05:07 PM

[Anonymous]

Clean Machines, thanks for your detailed answer. You too did not answer the question completely.... so for the 3rd time i pose the question to anyone with knowledge about this specifically... I would like to find out where it says a credit union/bank can make theposting date the date of payment...?????

ex... if there was a 2 day holiday on thurs and friday and the payment was due to be 30 days late as of Monday the 10th, then if you made the payment anytime after 5pm on wednesday the 5th  then youd be 30 days late. so im not sure who is going to buy into that bs......

[marty56]

I had a 30 day late with Wells Fargo 6 years ago because the payment was due on the 1st and the next statement date was the 2nd and the received the check on the 3rd.  I even called about it but got nowhere.

While it is not common to do so, some creditors will mark a payment 30 days late if it is not paid by the time the next statment droped.

You may not like the answers provided  by me and other members here trying to help you but it doesnt make them wrong or not answering your question completely.

[Itsmeagain]

Read your 'Cardmember Agreement' or the 'Terms and Conditions' of your contract.  You'll probably find your answer there.

[Anonymous]

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@Anonymous wrote:

Clean Machines, thanks for your detailed answer. You too did not answer the question completely.... so for the 3rd time i pose the question to anyone with knowledge about this specifically... I would like to find out where it says a credit union/bank can make theposting date the date of payment...?????

ex... if there was a 2 day holiday on thurs and friday and the payment was due to be 30 days late as of Monday the 10th, then if you made the payment anytime after 5pm on wednesday the 5th  then youd be 30 days late. so im not sure who is going to buy into that bs......

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Okay, first off, I'm a tad confused. You said FCRA "lart" in your original post. What the heck does a "Luser Attitude Readjustment Tool" have to do with the FCRA?

Anywho, to answer your question, no, there's no specific FCRA line that specifies what exactly a "30 day late" is in regards to a financial institution's internal accounting system. That's sorta up to the financial institution's internal guidelines itself (which I believe was already commented on?). You'll have to read your copy of the T&C for that institution.

As for how unfair it is? Sorry, but bull-poopy. Using your scenario, how is the bank supposed to know that you're not pulling a fast one and didn't just sneak that payment in that Monday morning, 5 minutes before the bank opened it's doors? Is THAT fair?

Banks post transactions during business hours. Have been doing it that way for YEARS. So mayhap you have been living in a cave with Bin Laden after all??

(As long as they state their policy -- sorta like in one of those fancy signs you see all the time that says "Deposits made after 2pm will be posted next day" -- kinda like THOSE? -- they're not breaking ANY rules.)

Bottom line(s): Follow their T&C like you're s'posed to (or at least, don't complain when you DON'T and make it out like the bank's just being a jerk) or send them a GW for the late. Those are really your only two options at this point.

And PS - Being snotty to Happy isn't going to win you any friends. She happens to be one of THE best posters here. She's here ALL the time helping others fix their credit. Biting the hand that spoon-feeds you isn't always the best option. HTH!

[llecs]

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