10-03-2012 02:39 PM
Haven't been on here in quite a while, and now hope fellow ficoians can help with something. This issue came up in discussion and just want to see if someone with expertise or experience can clarify.
The question is when is a late payment late enough to be reported to CRA with this scenario:
Mortgage statement cuts on 15th with due date on the 1st. If it is not paid before the next statement cuts (on the 15th) will it be reported as late to CRA?
OR will it NOT be reported as long as it's paid before the 1st of the next month, ie: due on April 1st, next statement cuts April 17th, paid on April 27th so will not be reported as late?
It goes without saying that a payment due on 1st is due on the 1st, but wouldn't it have to be paid before statement cuts to not be reported as late to credit bureaus?
I'm trying to advise someone else, so I dont want to be wrong, but I tend to think they need to pay it before the statement cuts or they'll be reported.
10-03-2012 03:02 PM
Guess I stand corrected. I thought would need to be paid before the statement cut to avoid having it reported as late.
After having been through a rebuild in the past, I hate to see anyone take a chance with their credit, but suppose I'll need to admit I was wrong on this one.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO