late reports

[Anonymous]

Is there anywhere a guideline as to when a payment is late? A payment due on the first is considered 30 Past due when? On the 30th? the 31th? or the 1st of the following month?

Also  is a payment recorded on the date that the creditor recieved it or when they processed it days later?

Message Edited by Chuck on 01-27-2008 07:23 AM

[bott6698]

Specifically I have been told from companies I deal with as long as it is paid before 30days from due date it cannot go 30 days. So if it is due on the first as long as you can prove payment was received before the next 1st then you are safe. My mortgage company I have done this with and they specifically told me they can't report it 30 days unless I don't pay it till the 1st following.

So if your bill is due on dec 1st for example as long as they receive payment by dec 31st you are safe.

[marty56]

Wells Fargo and Best Buy say a payment is 30 days late if is not paid by the next staement date.  Also some CCCs want the payment to be be by a certian time on the due date.

Best not to test them on it though.

[Anonymous]

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@Anonymous wrote:

Is there anywhere a guideline as to when a payment is late? A payment due on the first is considered 30 Past due when? On the 30th? the 31th? or the 1st of the following month?

Also is a payment recorded on the date that the creditor recieved it or when they processed it days later?

Message Edited by Chuck on 01-27-2008 07:23 AM

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It's different for each bank. But generally as a rule, if due on the 1st , day 31 is 30 late. So this means your payment would need to be processed and posted before day 31. Most banks have a untold grace period of a few days for payments to post that I have found. I have also been late, and the banks have not reported it 30 days, so they can be nice too.

Message Edited by ilovepizza on 01-27-2008 01:09 PM