Experian Credit Report Reviews
2010
I would like to know if someone can point me to the specific law about 30 day late payments.?
I have searched the FCRA numerous times and found nothing. I recently reviewed my husbands credit report and found that his car payment has been reported 30 days late for the last years. After a review I found that he has only been late on the payment twice, not twelve times. I have attempted several times to correct the issue with the company and they refuse.
I reviewed both the FCRA and the loan documents and there is nothing that discusses late payments. Experian, Equifax, and Trans Union report a payment after it is past 30 days. If a company receives a payment everything month, it is not 30 days late.
I am not quite sure what you mean by “If a company receives a payment everything month, it is not 30 days late.”
If you are saying you just have to pay something but not the full payment amount you are okay. This is incorrect, anytime you pay under the payment amount by the due date you can be considered late. If you are saying that if the bill was due on the 1st but you paid it on the 31st it is not late, that is incorrect. It was paid on the 31st day so it was 30 days late. Would you use the same reasoning in Febuary that only has 28(or 29) days.
Not sure what proof you have, but you need to look at several things. The first is to be sure you are looking at the correct date. Most finance companies have a “due” date, and a “late fee” date. The Due date is where the 30 days starts from, not from the date the late fee is assessed. A payment is not considered received until it is processed by the company, it does not matter when it was sent.
Now, if you have proof that it was not 30 days late you need to send in the dispute with copies of your statements from the finance company(if you receive statements) or your canceled checks. This is the only proof you have of when the payment was actually processed. You need to send these to the the CRA’s in question, such as Experian, Equifax, TransUnion. Be sure to do this by Certified Mail with Return Receipt. This is the only to prove that you did send in the dispute.
If after the investigation you were not 30 days late and they still refuse to remove it then you can pursue actions against them for violations of the FCRA.
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