I got a collection call from my Mortgage lender (Wells Fargo).. It is the 5th of the month. They ask me if I want to make a instant telephone payment right away to avoid a late fee. (The late fee is charged if the payment doesn't reach them by the 15th.) I ask them what is the charge to make a telephone payment? They tell me $20.00. Why would I do a telephone payment when my late fee is only $5.00? They tell me "To insure a good credit rating".. gee.. I thought I need to be 30 days late in order for them to report me. Can a mortgage lender report you for being 10 or 12 days late with payment? I recall I think some lenders make notations mentioning excessive use of grace period. I am not sure if they still do that. ALSO.. Isn't it misinforming the consumer telling them to insure good credit they should make a telephone payment immediately? If you mail the payment or use Online billpay and send the payment after the call took place (5th or 6th of the month) the lender will usually have the cash in a few days. At which there will be no late fees and no telephone fees. Also, if the telephone fee is $20 VS the $5.00 late fee, wouldn't it make more sense to just take the late fee? Don't get me wrong.. If it was the 27th, 28th or 29th of the month.. I can see doing a telephone payment, but not for day 5, 6, or 7.
Message Edited by Pants on 07-14-2007 07:35 PM