How should "lates" be reported by a creditor?

[Anonymous]

I was going over my credit report and I saw that one of my accounts has payment statuses of: (the order I am listing below is in "Acecneding order 1/14, 2/14, 3/14, etc)

OK   OK   OK   OK   60   90  CO  CO  CO  CO  OK  OK  OK  OK .......

Is it weird that there is no 30 day late?

Thanks,

Ken

[Anonymous]

Had the exact same issue on one of my CCs issued by a local unknown bank.  After writing dozens of letters and hundreds of emails, the VP of Finance called me to issue a full goodwill adjustment of it to "always paid on time".

I asked the VP why the first 30 day late didn't report but 60D and 90D did and he said that his bank specifically avoids reporting the first 30D on any account as a goodwill gesture to good customers who made a goof up.

Maybe yours has the same secret policy?

[Anonymous]

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@Anonymous wrote:

Had the exact same issue on one of my CCs issued by a local unknown bank.  After writing dozens of letters and hundreds of emails, the VP of Finance called me to issue a full goodwill adjustment of it to "always paid on time".

I asked the VP why the first 30 day late didn't report but 60D and 90D did and he said that his bank specifically avoids reporting the first 30D on any account as a goodwill gesture to good customers who made a goof up.

Maybe yours has the same secret policy?

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This is with a Capital One Auto Loan.......I doubt CapOne has that policy. I will be writing a GW Letter to see if they will be nice enough to make an adjustment since the loan has been paid off and I have 2 cards with them. Once I got caught up with the AutoLoan, It never went late again.

Hopefully, I can get this taken care of.....I need to look at some good examples of GW letters, then write and pray that it works. I'm trying to help my son with co-signing some student loans for him, but I need to clean some of this stuff up first.

[Anonymous]

Do more research on student loans as well -- a lot of times the lenders push people for co-signers but there are federal and state programs that can get him financed without you.  If he defaults. they can and will take it out of your own retirement payments from social security.  Be aware of the risks and also learn that colleges need students financed and they will likely help him get the loan himself without a cosigner!

[Anonymous]

My ex-wife has been dealing with all of the Financial Aid since she has the "lessor" income between the 2 of us. She is refusing to cosign like she did with my daughter.

He got $7400 in Federal Student Loans but there is still leaves $15000 uncovered each year. Needless to say, this is a huge argument point between my ex and myself. I felt he should have gone to a community college first to defray the costs......My ex insisted he gets to go away to a 4 year state school.

[RobertEG]

The FCRA does not require that a creditor report each and every delinquency.  It has become very common practice for some creditors not to report delinquencies until they are above either 30 or 60 days.  Others choose not to report any monthly delinquencies, and only report once they have charged-off the debt.

While complete reporting of all delinquencies is not required, and decades of common procedure have resulted in it being standard practice, FCRA 611(a) nonethleless permits a consumer to dispute either the accuracy or completeness of reported information.

Thus, a consumer could choose to contest reporting that omits delinquencies in a chain as being "incomplete."

Few consumers choose to pursue such disputes, as they result in the addition of new derogs.  Creditors will normally respond to such disputes by giving the consumer what they ask for, and adding each and every monthly delinquency to any reported string of delinquencies.