topic Re: Report Says "Late Payment" But no Late Payment on Report? in Understanding FICO® Scoring

Report Says "Late Payment" But no Late Payment on Report?

Anonymous — Wed, 12 Jan 2011 19:49:41 GMT

Hi, my Fico report said that I have a late payment that was reported four months ago. However, I haven't been late on any of my payments (that I know of), and when I look at my credit report, none of my accounts show any late payments? Where is this coming from?

Re: Report Says "Late Payment" But no Late Payment on Report?

llecs — Wed, 12 Jan 2011 20:38:09 GMT

@Anonymous wrote:
Hi, my Fico report said that I have a late payment that was reported four months ago. However, I haven't been late on any of my payments (that I know of), and when I look at my credit report, none of my accounts show any late payments? Where is this coming from?

Welcome to the forums!!

Do you have any old charge-off or collection accounts reporting? If so, look to see if any have a reported or update date of 9/2010. If so, then that's your culprit. Even if an account is charged-off, lates can continue each month.

Re: Report Says "Late Payment" But no Late Payment on Report?

Anonymous — Wed, 12 Jan 2011 21:20:17 GMT

hmmm... Maybe that's it.

There wouldn't be anything new, and it's never been on there before, but I guess if they updated or something that could be it.

Thanks!

Re: Report Says "Late Payment" But no Late Payment on Report?

haulingthescoreup — Wed, 12 Jan 2011 22:39:42 GMT

Also, is this your TU report?

Re: Report Says "Late Payment" But no Late Payment on Report?

RobertEG — Thu, 13 Jan 2011 02:02:16 GMT

When an OC does a charge-off, that closes the account. You thereafter have no monthly billing statements upon which to incur additional delinquencies.

The OC can continue to report monthlly after the account is closed or charged-off, but can only continue to "update" the same level of delinquency that existed when the account was closed. That is not a new delinquency.

You dont have an account with a debt collector, so also dont have a due date to become additionally delinquent on.

The term "late payment" is itself a misnomer. Delinquencies are based on non-payment, not payment.

I agree that it is most likely just an update of the status of a delinquency that occured on the OC account while it was still open. Delinquency dates themselves cant be "updated." This comment aqppears to me to be misplaced.