When is a car payment reported as late?

Question

Someone told me that it was only reported to the major agencies as late if it's 30days late. Can anyone tell me if this is true?

Answer 1

Items reported to the credit bureaus are reported as 30 days past due. If your payment is due the 1st, you won't be reported as late until the 1st of next month. You will have late fees due though, and could even have your car repossessed if the lender is unscrupulous.

Answer 2

Your credit report generally classifies accounts as 'current', 30 - 60 days late, 60 - 90 days late, etc. You can be reported 1 day late. Until you are 30 days late, it reads the same as current on your report. I don't know how it affects your score.

Answer 3

You need to read your loan contract.

Some companies will report you as being late if you pay 1 day late. Some companies have a grace period and will not report you late until you are actually past the grace period.

Answer 4

Most companies will not report you to the credit bureaus until your 30 days late.

Answer 5

There fairly isn't something you're able to do. You have been late in accordance on your settlement no remember what the circumstances. If that's the only late charge you have? i does no longer hassle approximately it. in simple terms in simple terms be advantageous you're making the subsequent 6-money on time and it fairly won't make that numerous a distinction.

Answer 6

It depends how late you made your payment.

Answer 7

I think thirty days by good responsible lenders. one day by the other kind