05-07-2008, 11:07 PM
[quote M A V I C][quote JoeH][quote MikeF]If it's due on the 1st but not late until the 15th, they can still ding your credit for not paying when due...
Actually, no they can't. Terms of a standard mortgage states payment is not late until after the 10th or 15th. They can not report it as overdue. Well, they can and then be sued for damages in court. The Fair Credit Reporting Act provides for triple damages as I recall.
Yep. It should not be reported to credit until it's 30 days past due.
True. It can't be reported late until you are actually late. The 14 days between the "due date" and "late date" is a grace period in which your payment is expressly not late.
Actually, no they can't. Terms of a standard mortgage states payment is not late until after the 10th or 15th. They can not report it as overdue. Well, they can and then be sued for damages in court. The Fair Credit Reporting Act provides for triple damages as I recall.
Yep. It should not be reported to credit until it's 30 days past due.
True. It can't be reported late until you are actually late. The 14 days between the "due date" and "late date" is a grace period in which your payment is expressly not late.