What does 30 days late mean

[Anonymous]

T

[Anonymous]

Bottom line is that i trust the judge and I love your response THANk you DI..

Your answer made it real simple what i've been trying to state

you said "AFTER the 30th day when no payment is received"  therefore the judge was right.

 so if someone is reported negatively  for making a p ayment on the 30th day .. FIGHT it becuase if that payment hits on day number 30 before the cutoff then you are SAFE , dispute it and keep your good name...

thank you DI for the info....

[Anonymous]

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@Lel wrote:

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@Anonymous wrote:

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@marty56 wrote:

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@Anonymous wrote:

Payments must be credited on the day received. 

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http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

CCCs can have a cut off time of no earlier than 5pm.  2pm used to be common but now it is probably 5pm since that is the law. 

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Exactly.

And even though the payment is credited on the day the lender receives it, they do not have to replenish the credit limit immediately.  They can wait until they are sure the payment has actually cleared and there are no chances for reversal.

IME, lenders have been crediting payments as of the day received for a long time now, it's just the new rule ends arbitrary cut-off times that many attributed simply to chumming for late fees. 

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So if I understand the link correctly, if someone has a payment due on April 30, and does not submit the payment until 5:01pm on April 30 (after the bank's close of business), then they payment would NOT be considered to have arrived on April 30, and thus wouldn't be credited on that day.

I think some of my credit cards do define a cutoff time for payments.  Some of them are later than 5:00, I believe.  I'd have to check on this.

Getting back to the original question, if a payment is made on the 30th day past the due date, then I'd have to believe that it would still be considered 30 days late.  Consider the due date example above.  If payment was due on April 30 and you paid on May 1, then you would be one day late.  If the payment were made on May 15, it would be 15 days late.  By extension, if the payment were made on May 30, it would be 30 days late, and the credit card company would be correct to report this as a 30 day late.  According to the CDIA's Credit Reporting Resources Guide, payment that takes place 30-59 days past the due date should be reported as 30 days late.

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Without going back to check, I think the new rules are that 5:00 PM is the minimum cut-off time.  Lenders are free to specify a later time if they wish.

Actually, the rule makes sense.  We cannot expect to have staff on the clock 24/7 just processing payments.  At some point the business day must come to a close.

[abc_123]

Hi

There is one delinquency reported on my credit report from last year.

 The minimum payment due on my account was 05/15 and I have paid on 06/14 which is 30 th day after 05/15 there were 31 days in the month of May.

I have contacted my creditor and have requested them to remove the delinquency as I have made the paymnet on 30th day. Also this was not intentional when I checked my account online on 05/22 it was showing the due date as 06/15  as I have not made any payment untill 05/20( which is the billing date) they have charged late fee and moved my minimum payment due date to 06/15 and I though I can pay by 06/15 .

Now I want to remove this delinquency from my report please advise I have already contacted my creditor and they have mentioned  that they report to credit bureaus if they dont  receive the payment by 29 th day.

Is there any way i can get this remove from my credit report.

Please please help as this delinquency dropped my credit score 60 points and I am findng it hard to get my mortgage loan approved.

[CashOnDelivery]

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@abc_123 wrote:

Hi

There is one delinquency reported on my credit report from last year.

 The minimum payment due on my account was 05/15 and I have paid on 06/14 which is 30 th day after 05/15 there were 31 days in the month of May.

I have contacted my creditor and have requested them to remove the delinquency as I have made the paymnet on 30th day. Also this was not intentional when I checked my account online on 05/22 it was showing the due date as 06/15  as I have not made any payment untill 05/20( which is the billing date) they have charged late fee and moved my minimum payment due date to 06/15 and I though I can pay by 06/15 .

Now I want to remove this delinquency from my report please advise I have already contacted my creditor and they have mentioned  that they report to credit bureaus if they dont  receive the payment by 29 th day.

Is there any way i can get this remove from my credit report.

Please please help as this delinquency dropped my credit score 60 points and I am findng it hard to get my mortgage loan approved.

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You may want to post this as a seperate post, as this post is over 2 years old.

[enharu]

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@abc_123 wrote:

Hi

There is one delinquency reported on my credit report from last year.

 The minimum payment due on my account was 05/15 and I have paid on 06/14 which is 30 th day after 05/15 there were 31 days in the month of May.

I have contacted my creditor and have requested them to remove the delinquency as I have made the paymnet on 30th day. Also this was not intentional when I checked my account online on 05/22 it was showing the due date as 06/15  as I have not made any payment untill 05/20( which is the billing date) they have charged late fee and moved my minimum payment due date to 06/15 and I though I can pay by 06/15 .

Now I want to remove this delinquency from my report please advise I have already contacted my creditor and they have mentioned  that they report to credit bureaus if they dont  receive the payment by 29 th day.

Is there any way i can get this remove from my credit report.

Please please help as this delinquency dropped my credit score 60 points and I am findng it hard to get my mortgage loan approved.

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Like someone else said, you should post in a new thread.

Your best recourse right now is to call your creditor again, and ask to speak to a supervisor. If that still doesn't work, you can try calling someone higher up the chain of authority, which could be the executive office or senior management.

You could also dispute with the CRAs directly.

[RobertEG]

Any issue relating to billing on credit cards is disputable under the Fair Credit Billing Act (FCBA), which has much stricter requirements on creditors than treating the issue as one of simply accuracy of reporting under the FCRA.

You have 90 days after the contested billing issue to dispute under the FCBA.

[abc_123]

I have already crossed 90 days and also I paid on the 30th day
Can I still dispute it please advise

[RobertEG]

You can still send it, but the creditor can dismiss as untmely under the FCBA window for disputing.