Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007
WHEN IS MORTGAGE PYT 'REPORTABLY' LATE?

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.

 

 

 

 

 

 

 

 

FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
Re: WHEN IS MORTGAGE PYT 'REPORTABLY' LATE?

It has to be 30 days late to be reported as a 30 day late. So if you paid on the 27th you are good. I had a bad habit of always paying on the 15th.

Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007
Re: WHEN IS MORTGAGE PYT 'REPORTABLY' LATE?

Thanks, tooleman.

 

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.

FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)