Reported 30 days late

[Anonymous]

How many days late can you be on a installment loan before being reported as late?

[Anonymous]

I would say that depends on the company.  In order for the CR to be accurate I would believe you would need to be at least 31 days late.

I could be very wrong though.

[RobertEG]

An account cannot be reported as 30 days late until 30 days has expired from the due date of a bill/statement. 

It is not the statement date that determines this, it is the due date for payment.  You can be late for up to 30 days, and thus suffer late payment fees, but it cannot be reported as a default to a CRA until payment is not received within 30 days of the posted due date.

[marty56]

An account can be reported 30 days late if the payment is not recieved by the next statement date.

6 years ago Wells Fargo marked me 30 days late since the payment was due on the 1st and the got in on the 3rd and the next statement date was on the 2nd.  Perhaps they dont do this anymore ot maybe the CSR I spoke to at the time was BS'ing me.

Too old to do anything about now anyway.

Message Edited by marty56 on 12-31-2008 04:07 AM

[RobertEG]

Being late on a payment has nothing to do with date of a billing statement.  Billing statements set a date due for payment, and that is what controls, not the date of the statement.  A creditor may only report a 30-day late if 30 or more days has expired from the due date of the statement.

[marty56]

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RobertEG wrote: 
A creditor may only report a 30-day late if 30 or more days has expired from the due date of the statement.

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Where is this described in the FCRA?

Any creditor can mark a payment late whether it was or not.  It is up to the indivdual to check their CR and despute invalid data.  I'm am sure that most companies wont mark a payment late until is late 30 or more days but I wouldnt test them on this and unless they are forbiden to do so by the FCRA or some other document, how would you defend yourself on this? Other then paying on time of course.

Message Edited by marty56 on 12-31-2008 04:11 AM

[Anonymous]

no kidding?

i was maybe a few days late in 2/07 on my car and it's being reported on two of the three CRs as 30 days late.

i can dispute this?