Do creditors have to report 30 day late payment

This is a question that might be running through your mind if you just dropped the check in the mail for a payment you know will be late. It seems not fair that if the payment if just one or two days late that your creditor will report you as late.

The answer to: do creditors have to report 30 day late payment, is no. But they will.

This somewhat depends on what type of bill we are talking about. If it is a mortgage then the answer if they will report should be yes they will report you for being late. But is the account with a cell phone company or utility company, the answer might be no.

The real key in that last sentence is the word might. You can never truly know if your credit will report you for being late. They do have an obligation to inform the credit bureau on the status of your account but information sometimes is overlooked or maybe there is some type of leeway they use before your late payment is noted on your credit report.

If you are asking this question the answer should be yes in your mind. You simply can’t take the risk with your credit if you don’t pay on time.

Even one single 30 day late payment can be painful. So avoiding them is best advice. Pay your bills early and use tools like online bill pay and account alerts to remind yourself as to when your bills are do.

If you know of a payment in the past you made late and it isn’t on your credit report consider yourself lucky.

Posted in Credit Score, FICO score, Late Payments

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