right now capital one is repoting me late to the bureaus because i made a payment one day after the bill due date..... how is that possible please someone help me out this
That is absolutely wrong. You can be 29 days late and they can not report you as beeing 30 days late because you are not 30 days late you are 29. I have asked this question to ...Wells Fargo, Fleet, Household, Amex, Discover, Washington mutual , Citibank and they have all told me the same thing. That is where I am getting this info by the way.
Technically, you owe them on the same day you made a purchase on their card. They are simply extending you a "grace" period before they actually deem the payment late. If you exceeded the payment date by even one day, technically they are correct in reporting you as late To avoid this problem in future, I would suggest that you enroll in a Bill Payer program of some sort, that automatically pays the minimum payment due by the due date. Such a service is well worth the $5 per month they charge, especially considering that late payments cost you thousands of dollars in less-than-prime interest rates on your loans, and late pays stay on your report for 7 years! My credit union waives this fee too, if direct depositing net pay into checking account. I had all my credit card issuers set up to be paid at least the monthly minimum once every 2 weeks as soon as my direct deposit hits... so the CC issuers get twice the minimum payment in any billing cycle, and I'll never be considered late. To take care of THIS particular late payment, write a goodwill letter to Capital One explaining that this was the first time you ever were late to any creditor, and that there were extenuating circumstances (had to travel overseas for job-related reasons, etc.) ... and that you simply overlooked this bill. But you did pay as soon as you realized it ... that can be seen by the very fact that you were only one day late ... and would they consider removing the late payment notation from your report, as that's keeping you from getting approved for a mortgage (or a home equity loan if you already own your home ...) ... and thanks for their kindness.. Best of luck
I dont get why you guys think that is correct. I have spoken to all of my creditors on that matter because a few times I was 1 or 2 days late and they all told me the same thing. You are not 30 days late until you are actually 30 days late. Granted they will charge you a late fee but they can NOT CHARGE YOU WITH BEEING 30 DAYS LATE. The might up your apr to default percentage but the cannot mark the trade as 30 daysd late beacuse it has NOT BEEN 30 DAYS LATE.
FCBA requires that revolving accounts give you at least 14 days from statement date to pay. FCRA requires that reported information be accurate. 1 day late is not 30 days late. If CRA reports 30 days late (since it is their shortest category) that is erroneous if account was actually only 1 day late. This is a separate issue from whether they can charge you a late fee. 30 days late cannot be measured from charge date, only from due date, which must be at least 14 days after statement date.
Re: Re: if you pay one day late this....... Thats what I meant I stand corrected. I am thinking late fee..oops.
Re: Re: if you pay one day late this....... FCRA on accuracy of reporting: § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] (a) Duty of furnishers of information to provide accurate information. (1) Prohibition. (A) Reporting information with actual knowledge of errors. A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or consciously avoids knowing that the information is inaccurate. (B) Reporting information after notice and confirmation of errors. A person shall not furnish information relating to a consumer to any consumer reporting agency if (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate. (C) No address requirement. A person who clearly and conspicuously specifies to the consumer an address for notices referred to in subparagraph (B) shall not be subject to subparagraph (A); however, nothing in subparagraph (B) shall require a person to specify such an address. (2) Duty to correct and update information. A person who (A) regularly and in the ordinary course of business furnishes information to one or more consumer reporting agencies about the person's transactions or experiences with any consumer; and (B) has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination and provide to the agency any corrections to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any of the information that remains not complete or accurate. (3) Duty to provide notice of dispute. If the completeness or accuracy of any information furnished by any person to any consumer reporting agency is disputed to such person by a consumer, the person may not furnish the information to any consumer reporting agency without notice that such information is disputed by the consumer. (4) Duty to provide notice of closed accounts. A person who regularly and in the ordinary course of business furnishes information to a consumer reporting agency regarding a consumer who has a credit account with that person shall notify the agency of the voluntary closure of the account by the consumer, in information regularly furnished for the period in which the account is closed. (5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.
Re: Re: if you pay one day late this....... The problem is there is no category on reports for 1, 10, 15, etc. days late so if a creditor reports you as late, they just put it under 30 days late. Late is late no matter how you look at it. You are at the mercy of the creditor if they want to report you late after 1 day or not. I think if you make a habit of paying 1-10 days late they will report you.
Re: Re: if you pay one day late this....... Credit reports do not say just "late", nor do they say "1 day late". They say something like "1 times 30 days late", or whatever. Neither CRAs or creditors have the right to publish or distribute information they know is erroneous, nor does just avoiding knowing it is erroneous absolve them of this responsibility. We should not be making excuses for the sloppy, predatory, or illegal practices of others. Companies that engage in damaging illegal practices, whether posting payments late, or exagerating lateness of payments to both drive up revenue and undermine a customer's other business relationships, should at least receive a regulatory complaint as automatically as the "credit reporting" applied to consumers. Only this will focus regulatory action on predatory behavior by the worst offenders. With CC contracts increasingly allowing default rates based on reporting from other tradelines, the damages, and corresponding liability, for false reporting are increasing.
Re: Re: if you pay one day late this....... 1-30=30 31-60=60 61-90=90 91-120=120 THAT IS JUST THE WAY IT IS... Some banks even have a CUT-OFF of 11 AM!!! No paymeny by 11AM...YOUR LATE!!! They blame the CRA---"THE CRA REFUSED TO PRINT 4 DAYS LATE"
Re: Re: if you pay one day late this....... It is at the DISCRESSION of the credit card company to REPORT OR NOT REPORT YOU LATE!!!
Re: Re: if you pay one day late this....... If the report says 30 days late, and it is really only 1 day late, hold the creditor responsible. The CRA acted as their agent, whether accurately or not. They chose to report, for no legitimate business reason. Flimsy excuses like this should interest an AG or two.
Re: Re: if you pay one day late this....... Why tolerate behavior from a bank that you would not tolerate from a supplier if you were in business.
Re: Re: if you pay one day late this....... so there is no definitive law or case law reference this if all creditors reported a person late to the bureaus one day i would imagine there would be alot more derogatory credit reports out there i guess i will be calling my state atty general office then to get some clarification on the matter the saga continues........
