Credit Tips: Late Credit Card Account Payment Can Result in Reporting to the Credit Reporting Agency

Posted On: March 1, 2005

Author: jm
Joined: 19 Dec 2004
Posts: 13
Posted: Tue Mar 01, 2005 12:07 am
Post subject: 30-day on CR

Lots of questions right now…

Can a creditor report you as 30 if your payment is less-than 30 days late? I read somewhere that paying late is an automatic one-cycle delinquincy and (universal) default on your CC agreement. Is this true?

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Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2616
Location: Illinois
Posted: Tue Mar 01, 2005 12:21 am

If you don’t send in payment before grace period is up, then yes they will report 30 day late. There are some creditors, that won’t report late, instead they may reduce your available credit limit, or such.

Creditors are now obligated the first time to notify you that the late payment can result in reporting to the credit reporting agency.

Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX

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