topic Re: What does 30 days late mean in General Credit Topics

What does 30 days late mean

Anonymous — Fri, 29 Apr 2011 16:42:20 GMT

I was recently listening to FOX news and heard Judge Napalitano state something to the effect of that we can make payments even on the 30th day and not be delinquent.. ( from a credit bureau standpoint)

Question. What does 30 days late mean or past due 30 days...

30 days past due the linguistics of the statement imply that if payment is made on the 30th day it cannot be past 30 days late or 30 days past due because the payment was made on the 30th day. therefore if the payment was made on day 31 that would be considered 30 days past due..

I agree with the judge thus any creditor whom you have made a payment to on the 30th day should remove the delinquency off the credit account. I have called the credit bureaus to inquire about this and I got one rep who couldn't really answer to my satisfaction and the other reps that I spoke to about in total pushed me off until I had to repeat the question and pin them in the corner...II had one representative agree after speaking to him about the question for a good 20minutes literally.

If there is anyone that diagree or agree let me know.. And if you've had a situation where you had to fight down to the last day, what were the results

Thanks

Re: What does 30 days late mean

DI — Fri, 29 Apr 2011 16:47:51 GMT

Anytime one is more than 30 days late after the due date is when it affects one's credit score. Late payments are reported to the CRA's after the 30th day when no payments was received.

Re: What does 30 days late mean

marty56 — Sat, 30 Apr 2011 00:40:05 GMT

@Anonymous wrote:
I was recently listening to FOX news and heard Judge Napalitano state something to the effect of that we can make payments even on the 30th day and not be delinquent.. ( from a credit bureau standpoint)
Question. What does 30 days late mean or past due 30 days...

IMHO the judge is wrong and I am not aware of any law that states that a payment must be credited on the day it was made. Also CRAs don't determine whether a payment was late or even made, the lender does and any dispute on that is between you and the lender if the lender validates to the CRA the content of the report.

Remember a CRA must report accurately. The information does not have to be accurate.

Re: What does 30 days late mean

RobertEG — Sat, 30 Apr 2011 13:21:13 GMT

There are two diiffernce occurances that are typically called a 30-day late. One is wit your creditor, and the other defines what is reportable to a CRA.

The process starts with the terms of your account with the OC. The creditor posts a monthly billing statement that specifies the due date. If you either dont pay the minimum amount specified in that statement by the due date in the billing statement, or submit payment after the billing due date, you are what is called by the creditor as being 30-days past your billing date. While this subjects you to late fees under your account agreement, such "lates" are not reportable to a CRA until 30-days after the billing due date, as opposed to the billing date. You can thus be delinquent without reporting to the CRA, if the delinquency does not extend that additional 30-days.

Re: What does 30 days late mean

Anonymous — Sun, 01 May 2011 00:59:26 GMT

@marty56 wrote:
@Anonymous wrote:
I was recently listening to FOX news and heard Judge Napalitano state something to the effect of that we can make payments even on the 30th day and not be delinquent.. ( from a credit bureau standpoint)
Question. What does 30 days late mean or past due 30 days...

IMHO the judge is wrong and I am not aware of any law that states that a payment must be credited on the day it was made. Also CRAs don't determine whether a payment was late or even made, the lender does and any dispute on that is between you and the lender if the lender validates to the CRA the content of the report.

Remember a CRA must report accurately. The information does not have to be accurate.

Payments must be credited on the day received.

Re: What does 30 days late mean

marty56 — Sun, 01 May 2011 11:17:48 GMT

@Anonymous wrote:
Payments must be credited on the day received.

http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

CCCs can have a cut off time of no earlier than 5pm. 2pm used to be common but now it is probably 5pm since that is the law.

Re: What does 30 days late mean

Anonymous — Sun, 01 May 2011 12:19:01 GMT

@marty56 wrote:
@Anonymous wrote:
Payments must be credited on the day received.
http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

CCCs can have a cut off time of no earlier than 5pm. 2pm used to be common but now it is probably 5pm since that is the law.

Exactly.

And even though the payment is credited on the day the lender receives it, they do not have to replenish the credit limit immediately. They can wait until they are sure the payment has actually cleared and there are no chances for reversal.

IME, lenders have been crediting payments as of the day received for a long time now, it's just the new rule ends arbitrary cut-off times that many attributed simply to chumming for late fees.

Re: What does 30 days late mean

Lel — Sun, 01 May 2011 16:33:58 GMT

@Anonymous wrote:

@marty56 wrote:
@Anonymous wrote:
Payments must be credited on the day received.
http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

CCCs can have a cut off time of no earlier than 5pm. 2pm used to be common but now it is probably 5pm since that is the law.

Exactly.

And even though the payment is credited on the day the lender receives it, they do not have to replenish the credit limit immediately. They can wait until they are sure the payment has actually cleared and there are no chances for reversal.

IME, lenders have been crediting payments as of the day received for a long time now, it's just the new rule ends arbitrary cut-off times that many attributed simply to chumming for late fees.

So if I understand the link correctly, if someone has a payment due on April 30, and does not submit the payment until 5:01pm on April 30 (after the bank's close of business), then they payment would NOT be considered to have arrived on April 30, and thus wouldn't be credited on that day.

I think some of my credit cards do define a cutoff time for payments. Some of them are later than 5:00, I believe. I'd have to check on this.

Getting back to the original question, if a payment is made on the 30th day past the due date, then I'd have to believe that it would still be considered 30 days late. Consider the due date example above. If payment was due on April 30 and you paid on May 1, then you would be one day late. If the payment were made on May 15, it would be 15 days late. By extension, if the payment were made on May 30, it would be 30 days late, and the credit card company would be correct to report this as a 30 day late. According to the CDIA's Credit Reporting Resources Guide, payment that takes place 30-59 days past the due date should be reported as 30 days late.

Re: What does 30 days late mean

Anonymous — Sun, 01 May 2011 18:07:21 GMT

full aware of what the CRA's are to report accurately.. but your response doesn't reallly examine the real question

NO one has the legal right to report incorrect information.. if the law allowsconsumers 30 days in total NO creditor can legally change the fact.. so the question is still not answered.

Paraphrased question can an account be paid on the 30th day and not considered 30 days late and not have a negative effect on your credit.

30 days late or past 30 days ARE NOT the same or are they..?

thats the problem..

so.. looking for specific.. not round about.

Re: What does 30 days late mean

Anonymous — Sun, 01 May 2011 18:17:22 GMT

Paying on the 30th day is not 30 to 59 days PAST due ..

paying on the 31st day is 30days past due

paying on the 30th makes it current on the 30th day the payment was not past the 30th day if you paid on the 30th day (before the cutoff time) therefore it is not past due... and it cannot be reported to the credit bureau it would be incorrect and inaccurate....

Re: What does 30 days late mean

Anonymous — Sun, 01 May 2011 18:20:42 GMT

Re: What does 30 days late mean

Anonymous — Sun, 01 May 2011 18:26:06 GMT

Bottom line is that i trust the judge and I love your response THANk you DI..

Your answer made it real simple what i've been trying to state

you said "AFTER the 30th day when no payment is received" therefore the judge was right.

so if someone is reported negatively for making a p ayment on the 30th day .. FIGHT it becuase if that payment hits on day number 30 before the cutoff then you are SAFE , dispute it and keep your good name...

thank you DI for the info....

Re: What does 30 days late mean

Anonymous — Mon, 02 May 2011 01:08:25 GMT

@Lel wrote:

@Anonymous wrote:

@marty56 wrote:
@Anonymous wrote:
Payments must be credited on the day received.
http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

CCCs can have a cut off time of no earlier than 5pm. 2pm used to be common but now it is probably 5pm since that is the law.

Exactly.

And even though the payment is credited on the day the lender receives it, they do not have to replenish the credit limit immediately. They can wait until they are sure the payment has actually cleared and there are no chances for reversal.

IME, lenders have been crediting payments as of the day received for a long time now, it's just the new rule ends arbitrary cut-off times that many attributed simply to chumming for late fees.

So if I understand the link correctly, if someone has a payment due on April 30, and does not submit the payment until 5:01pm on April 30 (after the bank's close of business), then they payment would NOT be considered to have arrived on April 30, and thus wouldn't be credited on that day.

I think some of my credit cards do define a cutoff time for payments. Some of them are later than 5:00, I believe. I'd have to check on this.

Getting back to the original question, if a payment is made on the 30th day past the due date, then I'd have to believe that it would still be considered 30 days late. Consider the due date example above. If payment was due on April 30 and you paid on May 1, then you would be one day late. If the payment were made on May 15, it would be 15 days late. By extension, if the payment were made on May 30, it would be 30 days late, and the credit card company would be correct to report this as a 30 day late. According to the CDIA's Credit Reporting Resources Guide, payment that takes place 30-59 days past the due date should be reported as 30 days late.

Without going back to check, I think the new rules are that 5:00 PM is the minimum cut-off time. Lenders are free to specify a later time if they wish.

Actually, the rule makes sense. We cannot expect to have staff on the clock 24/7 just processing payments. At some point the business day must come to a close.

Re: What does 30 days late mean

Anonymous — Thu, 23 May 2013 07:16:48 GMT

There is one delinquency reported on my credit report from last year.

The minimum payment due on my account was 05/15 and I have paid on 06/14 which is 30 th day after 05/15 there were 31 days in the month of May.

I have contacted my creditor and have requested them to remove the delinquency as I have made the paymnet on 30th day. Also this was not intentional when I checked my account online on 05/22 it was showing the due date as 06/15 as I have not made any payment untill 05/20( which is the billing date) they have charged late fee and moved my minimum payment due date to 06/15 and I though I can pay by 06/15 .

Now I want to remove this delinquency from my report please advise I have already contacted my creditor and they have mentioned that they report to credit bureaus if they dont receive the payment by 29 th day.

Is there any way i can get this remove from my credit report.

Please please help as this delinquency dropped my credit score 60 points and I am findng it hard to get my mortgage loan approved.

Re: What does 30 days late mean

Anonymous — Thu, 23 May 2013 08:13:36 GMT

@Anonymous wrote:
Hi
There is one delinquency reported on my credit report from last year.
The minimum payment due on my account was 05/15 and I have paid on 06/14 which is 30 th day after 05/15 there were 31 days in the month of May.
I have contacted my creditor and have requested them to remove the delinquency as I have made the paymnet on 30th day. Also this was not intentional when I checked my account online on 05/22 it was showing the due date as 06/15 as I have not made any payment untill 05/20( which is the billing date) they have charged late fee and moved my minimum payment due date to 06/15 and I though I can pay by 06/15 .
Now I want to remove this delinquency from my report please advise I have already contacted my creditor and they have mentioned that they report to credit bureaus if they dont receive the payment by 29 th day.
Is there any way i can get this remove from my credit report.
Please please help as this delinquency dropped my credit score 60 points and I am findng it hard to get my mortgage loan approved.

You may want to post this as a seperate post, as this post is over 2 years old.

Re: What does 30 days late mean

Anonymous — Thu, 23 May 2013 08:54:10 GMT

@Anonymous wrote:
Hi
There is one delinquency reported on my credit report from last year.
The minimum payment due on my account was 05/15 and I have paid on 06/14 which is 30 th day after 05/15 there were 31 days in the month of May.
I have contacted my creditor and have requested them to remove the delinquency as I have made the paymnet on 30th day. Also this was not intentional when I checked my account online on 05/22 it was showing the due date as 06/15 as I have not made any payment untill 05/20( which is the billing date) they have charged late fee and moved my minimum payment due date to 06/15 and I though I can pay by 06/15 .
Now I want to remove this delinquency from my report please advise I have already contacted my creditor and they have mentioned that they report to credit bureaus if they dont receive the payment by 29 th day.
Is there any way i can get this remove from my credit report.
Please please help as this delinquency dropped my credit score 60 points and I am findng it hard to get my mortgage loan approved.

Like someone else said, you should post in a new thread.

Your best recourse right now is to call your creditor again, and ask to speak to a supervisor. If that still doesn't work, you can try calling someone higher up the chain of authority, which could be the executive office or senior management.

You could also dispute with the CRAs directly.

Re: What does 30 days late mean

RobertEG — Thu, 23 May 2013 19:41:38 GMT

Any issue relating to billing on credit cards is disputable under the Fair Credit Billing Act (FCBA), which has much stricter requirements on creditors than treating the issue as one of simply accuracy of reporting under the FCRA.

You have 90 days after the contested billing issue to dispute under the FCBA.

Re: What does 30 days late mean

Anonymous — Thu, 23 May 2013 20:33:37 GMT

I have already crossed 90 days and also I paid on the 30th day
Can I still dispute it please advise

Re: What does 30 days late mean

RobertEG — Sat, 25 May 2013 20:18:32 GMT

You can still send it, but the creditor can dismiss as untmely under the FCBA window for disputing.