Curious about paying 1 day late

[Anonymous]

I was just wondering how a payment that is 1 day late gets reported to the CRAs. When you look at your reports it lists 30/60/90..... Would a 1 day late payment fall under the 30 category even though late but not 30 days late?  

[RobertEG]

No.

The CRA credit reporting manual clearly defines, with numerous examples, the reporting of a 30-late.

It is based on being 30-59 days past the billing due date.

If you are one day late on payment, you are late under your account agreement, and thus subject to any late fees, etc. and other implications, such as possible loss of an introductory APR, etc.

However, t late does not become reportable to a CRA until it has reached 30 days past the billing due date.

You can thus be delinquent for up to 30 days without it being reported.

[Anonymous]

Gotcha, thanks for the concise info.  

Basically your creditor can "punish" you internally but cant externally by reporting you to the CRAs.  

[Anonymous]

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@Anonymous wrote:

Gotcha, thanks for the concise info.  

Basically your creditor can "punish" you internally but cant externally by reporting you to the CRAs.  

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Exactly.

If you have an otherwise good payment history, they often won't even punish you internally for < 24 hours as long as you ask. I've had many late fees and interest hikes reversed after missing the "deadline" by a few hours.

[Anonymous]

They don't report until you are at least 30 days late......you should be fine.  You would have to be at least 30 days late -but not yet 60 for it to report as 30 day late.