How does this work? (Late Reporting)

[Anonymous]

Apologies for the amount of questions I'm constantly asking on here. 

So my car payment is due on the 29th of every month. This month I will be short on my payment until the 4th of August. In which I will pay the payment in full. 

When I spoke to Ally bank they stated there is 10 day grace period from your due date until they charge you a late fee and I wouldn't need an extension or anything so long as the account is paid within 30 days of the due date. 

My question(s) is/are: 

• So when does the 30 day late actually affect your credit? Is it the next time  a bill generates? Or is it the 29th of the following month (In this case the 29th of August)

• Do all companies report the same? Such as credit cards and such? 

[Anonymous]

The late can be reported on the 31st day after the bill was due. It has to be at least 30 days after the due date

[Anonymous]

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@Anonymous wrote:
The late can be reported on the 31st day after the bill was due. It has to be at least 30 days after the due date

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Ok so if a Bill is due January 10th.

on February 9th (which is day 31) It can be reported late. So it's not a "month" persay. It's 30 days??

[Anonymous]

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@Anonymous wrote:

Apologies for the amount of questions I'm constantly asking on here. 

So my car payment is due on the 29th of every month. This month I will be short on my payment until the 4th of August. In which I will pay the payment in full. 

When I spoke to Ally bank they stated there is 10 day grace period from your due date until they charge you a late fee and I wouldn't need an extension or anything so long as the account is paid within 30 days of the due date. 

My question(s) is/are: 

• So when does the 30 day late actually affect your credit? Is it the next time  a bill generates? Or is it the 29th of the following month (In this case the 29th of August)

• Do all companies report the same? Such as credit cards and such? 

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If your next payment is due July 29, then you will not be 30 days late until August 28. It sounds like you will only be 5 days late, and since they have a 10 day grace period, you should be fine all the way around.

[RobertEG]

Agree with the other posters.

The policy regarding reporting of lates is not set forth in the FCRA. 

It is based on administrative policy established by the CRAs.

The policy is joint, as the three major CRAs have developed and use the exact same reporting manual, titled the "Credit Reporting Resource Guide."

That manual clearly states at several places, and is reinforced by clear examples, that a late is not reportable to a CRA until it reaches 30 days after the billing due date.

Thus, an account can be delinquent under your account agreement without being reportable to a CRA.

[Anonymous]

I have an old late on a closed and paid GM Financial car loan.  My due date was the 7th of each month.  I paid  one day late on the 8th and got a 30 day late.

[Anonymous]

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@Anonymous wrote:

I have an old late on a closed and paid GM Financial car loan.  My due date was the 7th of each month.  I paid  one day late on the 8th and got a 30 day late.

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I've paid "late" before about 3-4 days after the due date and it's always been reported on time. I was more concered as to WHEN the 30 day late day actually is. 
So I don't think that's the case for me but maybe this is something you should look into a little more?

[Anonymous]

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@Anonymous wrote:

I have an old late on a closed and paid GM Financial car loan.  My due date was the 7th of each month.  I paid  one day late on the 8th and got a 30 day late.

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That would not be a legitimate late under CRA guidelines.

[Anonymous]

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@Anonymous wrote:

I have an old late on a closed and paid GM Financial car loan.  My due date was the 7th of each month.  I paid  one day late on the 8th and got a 30 day late.

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Dispute that late. It shouldn't be there.

[Anonymous]

I will dispute the late.  I found my checking register that has the payment on it so I have proof.