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REVISITING "LATES" BEFORE FILING-LET'S RECAP

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REVISITING "LATES" BEFORE FILING-LET'S RECAP

This question tends to come up a lot here, so let's clarify a few things in regards to this. 

 

**If you're late on an account BEFORE  you file,  no matter what the circumstances are ( lawyer told me to not pay, etc...), the creditor has the right to report that late to the CRA, and it is considered to be reporting correctly.  Those lates will follow the rule of,  7 yrs from the DOFD, and will fall off your reports then.  You cannot dispute these with the CRA, as they are accurate and correct reporting by the creditor. 

 

**The creditor though CANNOT report lates on any account IIB AFTER  your file date.  

 

Hopes this helps to clear things up. 

 

 

 

 


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Message 1 of 15
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Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP


@pizza1 wrote:

This question tends to come up a lot here, so let's clarify a few things in regards to this. 

 

**If you're late on an account BEFORE  you file,  no matter what the circumstances are ( lawyer told me to not pay, etc...), the creditor has the right to report that late to the CRA, and it is considered to be reporting correctly.  Those lates will follow the rule of,  7 yrs from the DOFD, and will fall off your reports then.  You cannot dispute these with the CRA, as they are accurate and correct reporting by the creditor. 

 

**The creditor though CANNOT report lates on any account IIB AFTER  your file date.  

 

Hopes this helps to clear things up. 

 

 

 

 


Can the creditor report lates during the MONTH of the filing? Since CRAs report payments by month, not date, if you file BK7 on April 15, 2020, for example, can your late be reported for April 2020, or is the last late month--as reported by the CRA--the month of March 2020, in this example?










RIP:

INSTALLMENTS:
11 years more payments!!



GOALS:
• [X] $10k revolving CL by 2021
• Apple Card (too sexy not to have) by 2021
• [X] Just one more cash back rewards card by 2021
• [X] Student Loans (27, yes, 27 of them) out of rehab and default by 6/2020
• [___] FICO 670 by end of 2020: [___]EX [___]TU [__X__]EQ
• [X] PC Cap1 to QS 5/2020 - 100 days after opening; credit steps done 8/2020
• [X] PC Discover—to DiscIt 5% 3/2020
Message 2 of 15
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New Contributor

Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP

Thanks! I appreciate this being cleared up too. Smiley Wink

Message 3 of 15
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Frequent Contributor

Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP


@Back2Reality wrote:

@pizza1 wrote:

This question tends to come up a lot here, so let's clarify a few things in regards to this. 

 

**If you're late on an account BEFORE  you file,  no matter what the circumstances are ( lawyer told me to not pay, etc...), the creditor has the right to report that late to the CRA, and it is considered to be reporting correctly.  Those lates will follow the rule of,  7 yrs from the DOFD, and will fall off your reports then.  You cannot dispute these with the CRA, as they are accurate and correct reporting by the creditor. 

 

**The creditor though CANNOT report lates on any account IIB AFTER  your file date.  

 

Hopes this helps to clear things up. 

 

 

 

 


Can the creditor report lates during the MONTH of the filing? Since CRAs report payments by month, not date, if you file BK7 on April 15, 2020, for example, can your late be reported for April 2020, or is the last late month--as reported by the CRA--the month of March 2020, in this example?


If your late on the 17th and file on the 18th, they can. File on the same day but late on the 19th, they cant. Only what is factual.






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Message 4 of 15
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Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP


@Azuieldrago wrote:

@Back2Reality wrote:

@pizza1 wrote:

This question tends to come up a lot here, so let's clarify a few things in regards to this. 

 

**If you're late on an account BEFORE  you file,  no matter what the circumstances are ( lawyer told me to not pay, etc...), the creditor has the right to report that late to the CRA, and it is considered to be reporting correctly.  Those lates will follow the rule of,  7 yrs from the DOFD, and will fall off your reports then.  You cannot dispute these with the CRA, as they are accurate and correct reporting by the creditor. 

 

**The creditor though CANNOT report lates on any account IIB AFTER  your file date.  

 

Hopes this helps to clear things up. 

 

 

 

 


Can the creditor report lates during the MONTH of the filing? Since CRAs report payments by month, not date, if you file BK7 on April 15, 2020, for example, can your late be reported for April 2020, or is the last late month--as reported by the CRA--the month of March 2020, in this example?


If your late on the 17th and file on the 18th, they can. File on the same day but late on the 19th, they cant. Only what is factual.


That seems logical. I'm assuming that creditors report  accounts to different CRAs unevenly. One CRA (TU) show an account as "opened" on 1/17/2017 and another CRA (EX) says the same account opened on 1/1/2017. Experian seems to backdate my accounts to the beginning of the month ( I opened my Discover on 7/30/19 but EX says 7/1/19)... thus if I were late on an account before BK7, EX reports that the whole month was late because it backdates the beginning of the month. 

i wonder about this because I filed BK7 on 1/04/19 and I have an account reporting late on 1/1/2019 despite a due date for much later in the month. How can I be late if the due date hasn't arrived yet?










RIP:

INSTALLMENTS:
11 years more payments!!



GOALS:
• [X] $10k revolving CL by 2021
• Apple Card (too sexy not to have) by 2021
• [X] Just one more cash back rewards card by 2021
• [X] Student Loans (27, yes, 27 of them) out of rehab and default by 6/2020
• [___] FICO 670 by end of 2020: [___]EX [___]TU [__X__]EQ
• [X] PC Cap1 to QS 5/2020 - 100 days after opening; credit steps done 8/2020
• [X] PC Discover—to DiscIt 5% 3/2020
Message 5 of 15
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Valued Contributor

Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP

Does any of this matter after the BK is discharged?  Is it better for a person to pay everything up until he/she files so they will only have the BK on their report? 

Cap 1 - $23,000 / Barclay Apple Rewards - $8,600 / Lowe’s - $17,000 / Cap 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $8800 / Barclay Rewards - $3200 / DCU - $5,000 / Merrick - $2400 / Best Buy - $4000 / Macy's - $2000 - Total - $153200
Message 6 of 15
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Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP

I was never late, not once and I have something like 16 accounts showing 90 days late when I never once missed a payment.

Message 7 of 15
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Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP


@masscredit wrote:

Does any of this matter after the BK is discharged?  Is it better for a person to pay everything up until he/she files so they will only have the BK on their report? 


They may not have the financial means to do so. Yes it would be better, esp with automated systems. Problem is, not everyone can. Or they listen to their lawyers. 






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94 days post DC

INQUIRES
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Message 8 of 15
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Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP


@Malike wrote:

I was never late, not once and I have something like 16 accounts showing 90 days late when I never once missed a payment.


If you never missed a payment. Time to get those cleaned up.






30 day post DC
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94 days post DC

INQUIRES
Currently rebuilding. Cards aren't worth bragging about yet.

Message 9 of 15
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Re: REVISITING "LATES" BEFORE FILING-LET'S RECAP


@Malike wrote:

I was never late, not once and I have something like 16 accounts showing 90 days late when I never once missed a payment.


@Malike 

Accounts that were current and never late prior to being included in bankruptcy will remain on your report for seven years from the date the bankruptcy was filed. Any negative info placed on reports after the file date is a violation of the BK code. Call your lawyer. They can be fined for $1000 and your courts/attorney fees. But the late date HAS to be after the file date.

Message 10 of 15
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