Re: Re: if you pay one day late this....... Chase got stung by a class action lawsuit a couple of years ago over posting payments received after an early morning cutoff time on the next day, with possible late fees. Businesses who twist the plain meaning of their words should expect to get slapped.
No. That isn't the way it is. That's CRA Fantasyland. If you're 1 day late, it's a fact that some creditors will lie and say you're 30 days late. But it isn't a fact that you're really 30 days late.
Re: Re: if you pay one day late this....... From CSC web site on how to read a credit report: http://www.csc.com/solutions/creditservices/knowledgelibrary/uploads/980_1.pdf 1 = paid as agreed 2 = 30+ days past due 3= 60+ days past due etc. I read this as a payment having to be at least 31 days late to be reported as a 30 day late.
Re: Re: if you pay one day late this....... 1*If you exceeded the payment date by even one day, technically they are correct in reporting you as late 2*You are not 30 days late until you are actually 30 days late 3*they can't mark the trade as 30 days late beacuse it has NOT BEEN 30 DAYS LATE. 4* FCBA requires that revolving accounts give you at least 14 days from statement date to pay 5*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. 6* 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. 7*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. 8* With CC contracts increasingly allowing default rates based on reporting from other tradelines, the damages, and corresponding liability, for false reporting are increasing. 9*Some banks even have a CUT-OFF of 11 AM!!! No paymeny by 11AM...YOUR LATE!!! 10*It is at the DISCRESSION of the credit card company to REPORT OR NOT REPORT YOU LATE!!! ============ =========== 1*Unless the number of days reported as late are not true. If they report 1 day as 30 days late it's incorrect period. They are not correct technically or other wise. 2*Even a moron should understand this but we have them that don't at the OCs CEAs and CAs. 3*Sounds logical to me. 4* the bill has to be presented to you and in your hands at least 14 days before its due. 5*Which is an illegal lie. Law says can't report it right then don't report it. 6*Exactly, Well Put! 7*Well said: They don't make excuses for us so why should we do it for them? We shouldn't even be doing business with the thugs. 8*This used to be illegal - 9*This was once illegal too! 10*Only if they are reporting complete and accurate info. ==================
Re: Re: if you pay one day late this....... I had a similar incident with Victorias Secret. I too was one day late and they reported me 30 days. I disputed it, it came back verified and every subsequent dispute was rejected as "frivolous". I finally got up the nerve to call them and they said the same thing. If you are between 1-29 days late, you are considered 30 days late, 30-59 is 60 days late etc.. I think this is completely wrong and argued till I was blue in the face. Didn't matter. If we go with the logic that payment is due when the charge is made, that means you are automatically 5-10-15 days late every month. That just cannot be. I would love to see a lawsuit over this. I still have the paper they sent me outlining it. By the way, they did end up removing it after I sent a goodwill letter. On the response they said they had every right to list it as late but would remove it as a one time only favor. Note: I have never used their card again.
Re: Re: if you pay one day late thi This is the explanation I got from a nice guy from citi when I was late once. The 30 day period starts from your STATEMENT DATE. They will usually give you a few more days before they turn you in to their collection department and /or report to CRAs. Check your STATEMENT CLOSING DATE, NOT YOUR DUE DATE, and if you paid within 30 days from that date they are not right in putting a 30 day late on your report. They are more likely than not within their right to charge you a late fee and apply default rate, depending on your agreement, but not to report a 30 day late.
Re: Re: if you pay one day late thi Many cards now have words like---DUE AND PAYABLE ON RECEIPT OF STATEMENT... So you are supposed to go ON-LINE AND PAY...or mail the check before the POST OFFICE closes...(THAT DAY) You just have a GRACE PERIOD till the due date...
Re: Re: if you pay one day late thi Guess it all depends on the creditor. Notice that the definition you quoted is actually better for you because the 30 day clock doesn't start ticking at the STATEMENT CLOSING DATE, but upon receipt of the statement. Even if they have that language they aren't supposed to report it 30 days late until it has been 30 days from the statement closing date or in that case upon receipt of the statement.
Re: Re: Re: if you pay one day late thi Many cards now have words like---DUE AND PAYABLE ON RECEIPT OF STATEMENT... GEORGE ================= they might state this but it's illegal. It's not legal because they must provide you with the bill at least 14 days before it's due. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Re: if you pay one day late thi Companies that tell you that as a matter of policy they report 1 day late as 30 days late deserve an FTC complaint to establish their actions in writing. Systematically twisting the credit reporting system, whether done by lower level employees who do not know any better, or by upper management for profit reasons, needs to be made visible to attract requlatory action and establish regulatory and case law precident. Illegal actions should be reported by consumers as a "matter of policy".
Re: Re: Re: if you pay one day late thi Mortgage companies reporting 30 day lates that are not actually 30 days late also bring up anticompetitive issues. If I am a mortgage company, and I hold your mortgage at a rate substantially higher than current market rates, I make more money from you than from current prospective borrowers if you can't refinance at a lower rate due to my erroneous reporting.
Re: If you pay one day late No, it doesn't all depend on the creditor. Not everything is subjective. The word "late" actually has a meaning. It means "received after the due date." Oh, I forgot. That all depends on the words "due date" having a meaning. Well, they do have a meaning. They mean whatever date is printed under those words "due date" on your statement. Absolutely impossible. The creditor has no idea when you receive the statement. It's amazing what absurdities come out of people who feel compelled to defend the banks and their lies. The really scary question is: what compels them to do so?
Re: If you pay one day late GEORGE, Could you give us an example of a card with those words on it? Do you have one? Or more plausibly, do you have a statement with those words on it? Can you tell us which one it is? Until you tell us, I'm led to believe that you're confusing credit cards with business invoices, some of which contain language similar to yours.
Re: Re: If you pay one day late [QUOTEI'm led to believe that you're confusing credit cards with business invoices, some of which contain language similar to yours. [/QUOTE] Agreed. What matters is how the CRAs say credit reports should be interpreted. If an OC reports someone as 30 days late when they are one day late and the CRAs guidelines say that anything reported as thirty days late is to be interpreted as thirty or more days late, THE OC IS COMMITTING LIBEL. If they say that's their policy, they are intentionally committing libel. It would be interesting to send a copy of the CRAs guidelines to the legal department of the OC with the copy of the letter saying that reporting one day late as thirty days late is their policy.
Re: If you pay one day late quote: -------------------------------------------------------------------------------- the 30 day clock doesn't start ticking at the STATEMENT CLOSING DATE, but upon receipt of the statement. -------------------------------------------------------------------------------- 1*Absolutely impossible. *The creditor has no idea when you receive the statement. Rich Guy ================ 1*This is no more unreasonable than the law stating that the date of payment is the date the creditor received it. *The consumer has no idea when the creditor received the payment.
