Lender report late payment based on one missed payment

[Anonymous]

I have a business loan that I had to do a personal sign. I missed a payment April 2020. Since that time my credit scored dropped almost 150 points. The lender report late payments on and off over 6 times now. Which continues to keep my score low. My questions: Is it legal for the lender to report late payment at will? Again, its not like they are reporting every month as being late. In fact I have auto payment setup, per thier request and all payments are on time. I have tried to communicate with them and ask for them to validate. They stand firm on continue trying to ruin me.

Thanks

[FireMedic1]

Whos the lender? If you were late once as you said. That should be the only month posted. Are they posting month after month? Need more info and the pattern they are reporting these lates. Grab all your bank statements for proof.

[Anonymous]

Thanks for the response. The lender is accion east (name change to Ascendus). I only missed one payment back in Mar 2020. In time since that, the lender has reported me late over eight times. So there is no pattern. I did speak with them and they stated the only way to stop is to make an extra payment. I have all my bank statement and also the lender lenger of my payments.being cleared the 1st of each month.

[GatorGuy]

@Anonymous  Sounds like you may need to dispute every month except march they reported you late.

[FinStar]

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@Anonymous wrote:

Thanks for the response. The lender is accion east (name change to Ascendus). I only missed one payment back in Mar 2020. In time since that, the lender has reported me late over eight times. So there is no pattern. I did speak with them and they stated the only way to stop is to make an extra payment. I have all my bank statement and also the lender lenger of my payments.being cleared the 1st of each month.

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Just to gauge the late payment reporting pattern -- when the payment was missed, how long was the payment in arrears (did it take you 30, 60 days, etc., from the original due date?).  And, when you made the payment, was it only the monthly amount? Did you speak to them to ensure what was needed to cure the default?  (i.e. double payment by X date or...).

[Anonymous]

The payment was due on the 1st, but because of a hoilday that payment came out on the third. I did speak with them in regards to a cure. They suggest manking a double payment, that would amount to over 1000.00

[805orbust]

Once you miss a payment,  you must make that payment,  PLUS the next one in order to be considered current.  So if you never made a double payment after falling behind, then yes, you will continue to be marked 30 days late month after month. Swallow it and make the extra payment.  Maybe then they'll work with you. Ymmv tho.

[CreditInspired]

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@Anonymous wrote:

Thanks for the response. The lender is accion east (name change to Ascendus). I only missed one payment back in Mar 2020. In time since that, the lender has reported me late over eight times. So there is no pattern. I did speak with them and they stated the only way to stop is to make an extra payment. I have all my bank statement and also the lender lenger of my payments.being cleared the 1st of each month.

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I'm kind of confused because you've made 2 different statements. In first post you said late in April 2020 (reported 6 times) and in this post you say late in March 2020 (reported over 8 times). So did you miss both March & April payments even if by one day? Did you include late fee when you made late payment? If no, that default would have carried over to the next month? Was April's payment due when you made March payment? If yes, that could be the culprit.

I agree with other poster, make a double payment to get current again. 

Also, that's good you setup autopay because there is no guarantee when snail mail will arrive at a facility payment center.