Question regarding late payment reporting?

Question

I recently asked this question but did not receive a satisfactory response. If you have a loan and in the loan documents, it does not contain any information on reporting late payments, how can the loan company report a late payment if you were not properly informed about the reporting procedures.

Answer 1

My suspicion is you did not like the answers given before and that Your were told your question is really dumb in trying to get out of a LOUSY credit rating because of the way YOU have handled your payments!

Get over yourself they report!

Answer 2

Anytime you obain a loan of any kind, even a credit card, the note, security deed, or agreement to repay contains information regarding the interest rate and the date the payment is due and the date the payment is late. If late is will set an amount, usually a percentage of the outstanding payment due, that will become due and payable when you make the normal payment. Each individual loan and the documents associated with it, in many cases, especially with mortgage loans, don't specific the reporting procedures to the credit bureaus, but they always specify a date due and a late charge amount when not paid by that date, (received by them). The application is where you probably received literature concerning the banks or financial institution's credit reporting policies. Most people don't pay any attention to them and in some cases, depending on the type of financial transaction, they don't have to advice you or their bureau reporting process, but only their date due, the late date, and the amount of the late charge. I am sure that the loan company was well within their rights to report the late charge to the credit bureaus, but, if you want to proceed, contact them and request a copy of the information furnished to you in connection with the loan application and consummation. It will probably have your signiture on it, or they will send you their general policy and furnish you with a statement from the loan officer that you were provided this information at the application, or that it was mailed, or that you were advised, or that they don't have a uniform policy, but make sure you make your payments on time. It usually is a requirement to furnish this to an individual, but it today's business world, it would be hard for you to win a case against the company when you were in fact late. Just pay your bill on time and you want have this problem. Hope this helps.

Answer 3

Because it's allowed. Credit bureau reporting is not an agreement between you and your creditor. Reporting to the credit bureau is allowed and you don't have the option to opt in or opt out of that kind of thing. Credit reports are in the business if compiling your payment history and warning other potential creditors about your credit - hey this guy is going to walk off with your money - might as well just open your till and throw it in his pocket because he's not going to give it back. Or, you won't get your payments back on time - borrow at your own risk. Borrowing money is not a right - it's a priveledge.

You probably expected them to report your current payments and didn't complain it wasn't in the loan note. This is where your complaint has a conflict and is not fair.

And in privacy policies, credit bureau reporting falls under "where permissible by law".

Answer 4

Your loan documents may not necessary show you this information, but normally it is the bank's policy to report all accounts (good and bad) each month.

Try working on reparing your credit. It is easier than you think. You can find some great solutions at http://www.your-credit-solution.com .

Answer 5

The creditor does not need your permission or agreement to report late payments.

Perhaps you should be more concerned with taking financial responsibility for your own screw up. You paid late; you earned that negative report.

Answer 6

Pay your bills and you will not have to worry about a creditor correctly reporting negative information.