30 day reporting at 28 Days past due

[Anonymous]

My mortgage payment was due on Feb. 1st. There was only 28 days in Feb. and I paid it on March 1st, and the bank is showing it posted on the 1st as it should. According to my calcuation, this is 28 days past due but the bank reported me as being 30 days delinquent. How can this be right?

[0x47]

They reported it 30 days late because you are one cycle behind, from the sounds of it.  30 days = 1 cycle, 60 days = 2 cycles, 90 days = 3 cycles.

http://ficoforums.myfico.com/t5/General-Credit-Topics/Stupid-Question-Re-Feb-28-Short-Month-30-Day-L...

[RobertEG]

The CRA reporting manual ("Credit Reporting Resource Guide") goes to excrutiating detail, with specific examples,  on when a delinquency becomes reportable, so there should be no ambiguity or interpretation.

It is based on billing due date, NOT billing date.  A reportable 30-late is more than 30 days past billing due date.

Being late alone does not give rise to a reportable 30-late.  One day past the billing due date is a delinqueuncy for purposes of your account, but not for purposes of credit reporting.  You have a 30-day period after an account becomes delinquent to make payment before it becomes reportable.

[enharu]

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@Anonymous wrote:

My mortgage payment was due on Feb. 1st. There was only 28 days in Feb. and I paid it on March 1st, and the bank is showing it posted on the 1st as it should. According to my calcuation, this is 28 days past due but the bank reported me as being 30 days delinquent. How can this be right?

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if you think it is in error, call your bank. they can remove it if they want to, and that's the easiest way to do it. usually banks will remove it because they want to maintain a good relationship with you.

if not, you can always dispute it with the CRAs. if your payment did indeed clear on the 1st of March, it seems like you have a good chance of getting it removed. Talk to your bank first though. Most banks will just remove it without any trouble.

[HiLine]

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@RobertEG wrote:

The CRA reporting manual ("Credit Reporting Resource Guide") goes to excrutiating detail, with specific examples,  on when a delinquency becomes reportable, so there should be no ambiguity or interpretation.

It is based on billing due date, NOT billing date.  A reportable 30-late is more than 30 days past billing due date.

Being late alone does not give rise to a reportable 30-late.  One day past the billing due date is a delinqueuncy for purposes of your account, but not for purposes of credit reporting.  You have a 30-day period after an account becomes delinquent to make payment before it becomes reportable.

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Just to confirm, as long as you pay the due amount within 30 days of acount delinquency there won't be any baddie resulting from the late payment on the credit reports?

[RobertEG]

That is correct provided the creditor has complied with the CRA policy.