topic Re: Full 30 Days vs 30th Day Late Payment in General Credit Topics

Full 30 Days vs 30th Day Late Payment

Carlosjb3 — Mon, 15 Aug 2022 18:23:32 GMT

Hi,

For a lending institution to report a 30 day late to the credit bureaus is it a full 30 days passed the due date that needs to pass in which payment was not received or can they report it as soon as it hits the 30th day? Is this at the institutions discretion or is there a law that is very specific?

Thank You in advance.

Re: Full 30 Days vs 30th Day Late Payment

FireMedic1 — Mon, 15 Aug 2022 23:16:00 GMT

A payment status of 30-days late means that payment is between 30-59 days past the payment due date.

Re: Full 30 Days vs 30th Day Late Payment

Carlosjb3 — Mon, 15 Aug 2022 23:58:41 GMT

@FireMedic1 wrote:
A payment status of 30-days late means that payment is between 30-59 days past the payment due date.

Where I'm getting stuck at is where is the cut off where a full 30 days have passed? Is it midnight going onto the 30th day? Or is it on the 30th day before 5pm eastern time (or whatever cutoff time lender imposes) where the lender can still take the payment on the 30th day without being reported as 30 days late? This is more semantics than anything. Doesn't the 30th day have to fully play out (passed lender cutoff time) without a payment to be truly considered 30 days late? I hope I'm making sense here.

You are 30 Days Late on the 31st not 30th??

Carlosjb3 — Tue, 16 Aug 2022 02:56:27 GMT

People keep saying that you are 30 days late and reportable if the payment posts on the 30th day past the due date. However, is not as simple as that. We have to consider the semantics. What does it mean to be fully 30 days late??

For example, if on the 29th day of being late you decide to make a payment at 1 minute past midnight which is now the 30th day people say you will be 30 days late. But how though?? Doesn't the 30th day have to play out to the 31st day for you to be truly 30 days late?? This of course is contingent on the lenders cutoff time policy on the 30th day.

Basically, what I'm asking, are you reportable as soon as the 30th day hits after midnight? Or does the business day according to how the lender defines a business day have to play out first on that 30th day before reporting you as 30 days late on the 31st day??

Re: Full 30 Days vs 30th Day Late Payment

tnhomestead — Tue, 16 Aug 2022 05:13:48 GMT

The way I understand it is you have 29 days to pay. On the 30th your late. And since many lenders say as an example, a bill must be paid by 5pm so paying at 7pm on the 29th would give you a 30 day late since that payment would not post till the 30th.

So bill due on the 1st, paid on the 29th by whatever time the lender accepts is not a 30 day late, but paid after that time or on the 30th is a 40 day late. May be wrong, but that's my understanding.

Re: Full 30 Days vs 30th Day Late Payment

FireMedic1 — Tue, 16 Aug 2022 10:38:43 GMT

@Carlosjb3Did you happen to get a 30 day late and want to see why? We dont judge here.

Re: Full 30 Days vs 30th Day Late Payment

OmarGB9 — Tue, 16 Aug 2022 12:52:33 GMT

Just curious, are you asking this for your own knowledge, or because it's a reality/possibility for you? Not trying to be rude, just genuinely wondering. If you pay well before the due date, the "semantics" are a moot point.

Re: You are 30 Days Late on the 31st not 30th??

pizzadude — Wed, 17 Aug 2022 05:10:30 GMT

@Carlosjb3 wrote:
People keep saying that you are 30 days late and reportable if the payment posts on the 30th day past the due date. However, is not as simple as that. We have to consider the semantics. What does it mean to be fully 30 days late??

For example, if on the 29th day of being late you decide to make a payment at 1 minute past midnight which is now the 30th day people say you will be 30 days late. But how though?? Doesn't the 30th day have to play out to the 31st day for you to be truly 30 days late?? This of course is contingent on the lenders cutoff time policy on the 30th day.

Basically, what I'm asking, are you reportable as soon as the 30th day hits after midnight? Or does the business day according to how the lender defines a business day have to play out first on that 30th day before reporting you as 30 days late on the 31st day??

The calender day you submit the payment isn't relevant, it's the creditor's payment cutoff time / business hours that determine if your payment counts on the calender day you sent it or if it rolls over to the next day.

Also I've combined your posts into the same thread, please refrain from cross posting the same question in multiple places - thanks!

Re: Full 30 Days vs 30th Day Late Payment

Carlosjb3 — Tue, 16 Aug 2022 14:00:00 GMT

@FireMedic1 wrote:
@Carlosjb3Did you happen to get a 30 day late and want to see why? We dont judge here.

No worries! I'm dealing with this very possibility with Prosper. I screwed up. I ended up paying right on the 29th day pacific standard time but I was already 30 days late based on Eastern time. Anyhow, the payment posted right on the 30th before end of business day.

From Prosper reps, to people on here I'm getting mixed responses on whether I will get reported or not. This is why I was emphasizing semantics in accordance with federal credit guidelines in the event I have to take this guys to court. Sure, I will try GW letters first but I won't hesitate to get a lawyer involved if they give me the boilerplate treatment.

Re: You are 30 Days Late on the 31st not 30th??

Carlosjb3 — Tue, 16 Aug 2022 13:54:58 GMT

@pizzadude wrote:
@Carlosjb3 wrote:
People keep saying that you are 30 days late and reportable if the payment posts on the 30th day past the due date. However, is not as simple as that. We have to consider the semantics. What does it mean to be fully 30 days late??

For example, if on the 29th day of being late you decide to make a payment at 1 minute past midnight which is now the 30th day people say you will be 30 days late. But how though?? Doesn't the 30th day have to play out to the 31st day for you to be truly 30 days late?? This of course is contingent on the lenders cutoff time policy on the 30th day.

Basically, what I'm asking, are you reportable as soon as the 30th day hits after midnight? Or does the business day according to how the lender defines a business day have to play out first on that 30th day before reporting you as 30 days late on the 31st day??
The calender day that submit the payment isn't relevant, it's the creditor's payment cutoff time / business hours that determine if your payment counts on the calender day you sent it or if it rolls over to the next day.

Also I've combined your posts into the same thread, please refrain from cross posting the same question in multiple places - thanks!

Thank you! My apologies.

Re: Full 30 Days vs 30th Day Late Payment

Carlosjb3 — Tue, 16 Aug 2022 13:57:03 GMT

Yes, it's specific to a situation I'm going through right now.

Re: Full 30 Days vs 30th Day Late Payment

tnhomestead — Tue, 16 Aug 2022 14:37:54 GMT

Having a late reported is a different story. They do not have to report a late if they do not want to. From what you said though, that will be a 30 day late if paid after the cutoff time. However, to me, sounds like a case to be made for forgiveness if it's your only one.

Only question is did you pay the next payment so your up to date? Would probably make it easier to get the late not reported. Good luck!

Re: You are 30 Days Late on the 31st not 30th??

FireMedic1 — Tue, 16 Aug 2022 16:02:43 GMT

@Carlosjb3Every lender is different on when they use a date of payment. Some like AMEX (Im still new). You make a payment and it is deducted from your balance in seconds. Some use the date when it was submitted. Some use the date they recieved it. Wish I could help you out more on how Prosper acts. Nor have I floated on the edge since BK. I went and looked at my Cap1 account. I always make payments on pay day. You'll see I paid on Friday 08/05. But it didnt post till Monday. They took the date of payment and applied that. So some do take into account when you submitted it, compared to when it post. Maybe another Prosper customers can chime in. Hope it all works out for you.

Re: You are 30 Days Late on the 31st not 30th??

GZG — Wed, 17 Aug 2022 03:57:09 GMT

@FireMedic1 wrote:
@Carlosjb3Every lender is different on when they use a date of payment. Some like AMEX (Im still new). You make a payment and it is deducted from your balance in seconds. Some use the date when it was submitted. Some use the date they recieved it. Wish I could help you out more on how Prosper acts. Nor have I floated on the edge since BK. I went and looked at my Cap1 account. I always make payments on pay day. You'll see I paid on Friday 08/05. But it didnt post till Monday. They took the date of payment and applied that. So some do take into account when you submitted it, compared to when it post. Maybe another Prosper customers can chime in. Hope it all works out for you.

@pizzadude wrote:
@Carlosjb3 wrote:
People keep saying that you are 30 days late and reportable if the payment posts on the 30th day past the due date. However, is not as simple as that. We have to consider the semantics. What does it mean to be fully 30 days late??

For example, if on the 29th day of being late you decide to make a payment at 1 minute past midnight which is now the 30th day people say you will be 30 days late. But how though?? Doesn't the 30th day have to play out to the 31st day for you to be truly 30 days late?? This of course is contingent on the lenders cutoff time policy on the 30th day.

Basically, what I'm asking, are you reportable as soon as the 30th day hits after midnight? Or does the business day according to how the lender defines a business day have to play out first on that 30th day before reporting you as 30 days late on the 31st day??
The calender day that submit the payment isn't relevant, it's the creditor's payment cutoff time / business hours that determine if your payment counts on the calender day you sent it or if it rolls over to the next day.

I wonder if the law clarifies this situation at all, or if it really is up to the discretion of the credit grantor.