topic Re: Slow Pay Question in Mortgage Loans

Slow Pay Question

Anonymous — Sun, 05 Aug 2007 02:19:11 GMT

This morning Wells Fargo y mortgage company called me. I told them that I would pay my mortgage payment in full on the 30th because of pay periods of my husbands job. The Wells Fargo employee told me that this could effect my credit. I told him that it would be paid on the 30th and it would not be 30 days late. The Wells employee said that the credit bureaus could see this as a slow pay. He proceeded to tell me that the credit bureaus know exactly when I pay my bills and on what day. I told him that Wells Fargo would have to report me and that the credit bureaus just don't put a late on my credit report. He said that the cr bureaus do know. Who is right? What is a slow pay. Is it 30 days late? Wells Fargo has me nervous.

Re: Slow Pay Question

Tuscani — Sun, 05 Aug 2007 05:38:20 GMT

The "slow pay" notation will hurt your scores.

Re: Slow Pay Question

Anonymous — Sun, 05 Aug 2007 17:44:32 GMT

Who would report as a slow pay, the creditor or the credit bureaus?

Re: Slow Pay Question

CreditBob — Mon, 06 Aug 2007 04:39:23 GMT

here are the facts. Creditors will not report you to the credit bureaus as being late until your are thirty days past do. Wells Fargo internally is the only one thta will know you are late. I do not like some of the scare tactics that some of these financial institutions use.

Re: Slow Pay Question

Anonymous — Mon, 06 Aug 2007 11:01:17 GMT

I've read so many credit laws that I sometimes get them mingled in my aging mind. I thought I read that, legally, you can't be reported as being late until you are 30+ days late. Is that right or is my mind just failing me again?

Re: Slow Pay Question

Anonymous — Thu, 09 Aug 2007 06:53:15 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=33155#M33155