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Question By
CharleneK

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165 People Helped
Is a credit card payment paid 5 days late reported as late on a credit report?

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I recently read an article (can't recall the source) that stated that some finance companies are considering beginning to report lates to bureaus as few as 5 days late.  Their goal is to use these as excuses to place the blame on the consumer for increasing interest rates - thus going around the laws/restrictions recently placed on them by Congress.  With computer systems doing the reporting, this will be an easy change for finance companies - just program it and be done with it. 

I predict that a credit score of 700+ will be a rare thing in 5-10 years, and that's exactly what finance companies want.

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Helpful to 2 out of 2 people

Not in my experience...I'm usually a few days late for some reason.

Reply by
mugsytodd

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Helpful to 4 out of 5 people

I was late by 2 days due to a snafu for  my creditcard.  I was told that late payments for the credit card was reported if it was more than 30 days late.  

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They are also less likely to contact you

Helpful to 1 out of 2 people

Understanding that this often happens because a bill gets overlooked, they used to contact you if you were a few days late so you could fix it before it became a problem.   I've noticed they don't do that so much anymore.   They'd rather that you get later and later.  They collect a fat late fee, can jack up your interest rate, including cancelling any promotional rate you might have, and trash your credit score.   I try to put everything on "auto pay" for this reason, but if you rely on the company's autopay, you can get screwed.  They sometimes send out notices which look like junk mail, telling you that they're changing the rules and your autopay has been discontinued.   Next thing you know, your payment that you thought you had so responsibly automated to make sure it got paid, is being reported as "late pay" to the credit reporting agencies!

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