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