Car loan reported late payment

[Anonymous]

My car payment was due on the 8th of May. I traded my car in on the 10th and the dealer paid the car off on the 18th of May. Today I login into CCT and my EX score went from 620 to 611. The loan company reported it paid, but also reported a late payment for May. Should I dispute it through EX or contact the creditor directly? I know the dealer paid because I called to confirm it.

Thanks

[RobertEG]

A payment is not a reportable 30-late until it is 30 days past the billing due date, NOT the billing date.

If a due date is 5/08, then it is late if not paid by that date, but does not become a reportable late to a CRA until 30 days thereafter.

The CRA credit reporting manual emphasizes that point in detail and with examples.

If the payment was made in May, it is NOT a reportable 30-late.  File a dispute, citing the policy in the CRA reporitng manual that a 30-late is based on the billing due date, nto the billing date.

[Anonymous]

Ok thank you very much!!! I will file the dispute with EX and wait for the other CRA's to update as well.

Thank you again

[Anonymous]

They also put in the comments "paid by company who originally sold the merchandise." And the account status is "paid by creditor." I traded the car in so why add that statement. It makes it look like bad

[RonM21]

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@RobertEG wrote:

A payment is not a reportable 30-late until it is 30 days past the billing due date, NOT the billing date.

If a due date is 5/08, then it is late if not paid by that date, but does not become a reportable late to a CRA until 30 days thereafter.

The CRA credit reporting manual emphasizes that point in detail and with examples.

If the payment was made in May, it is NOT a reportable 30-late.  File a dispute, citing the policy in the CRA reporitng manual that a 30-late is based on the billing due date, nto the billing date.

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He is right, this should be disputed. I don't know what grounds they think they had to report this as late, assuming the info you gave is correct.

[StartingOver10]

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@Anonymous wrote:
They also put in the comments "paid by company who originally sold the merchandise." And the account status is "paid by creditor." I traded the car in so why add that statement. It makes it look like bad

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Also incorrect statements if you traded the car. You need to get in touch with both the dealership that paid off the car loan and the dealer that is reporting this information to get it corrected. 

Find out from the dealer where you purchased your new vehicle how the payment was made and to whom it was made (don't assume anything, get the proof and info from the dealer).

Find out from the previous lender why they are reporting it that way and show proof that it was a payoff by your new lender for the trade in. 

Then have the creditor fix it on your CR.

[Anonymous]

The dealer where I got the new car is the same dealer where I got the previous car. He did show me proof that he sent the check to the previous loan company.. Also the loan company confirmed that they received the check as well.

I will call both the previous loan company and dealer. I looked at my contract and it clearly shows a trade in and the amount.

Thank you for your suggestions.