I have a bill that might be reported to the credit bureau?

Question

I have a bill for $90 that I just got a letter from saying that if I don't pay within seven days it'll be reported to the credit bureau. I already talked to these people like three weeks ago telling them I couldn't pay until Jan 10 when I get my money for my school loan and is that ok, and they said it's fine..so obviously I need to call them back about that. But, if they don't let me wait until then, how badly this going to affect my credit? Right now I have good credit. Will it still be hurt if I ended up paying the balance only like five days after the date they said they will report it?

Actually the bill says in 10 days. And the letter was printed on Dec 27, eek

I don't have a credit card to use. Right now I have only like $40 to live on until Jan. 10. If they told me it wasn't ok I would have paid it a few weeks ago when I had more money.

This is for the local electric company. And no the electricity isn't in my name anymore.

Answer 1

I would do whatever you could to pay this off now. Anyone you could borrow the money from? Another option may be that this company will take a check dated for a date in the future. I'm assuming you have a checking account.

Also, sometimes there is such a flurry of correspondence sent out that they get crossed in the mail with regards to your phone conversations. Call and verify that your record indicates that they have granted you an extension.

One late payment on your credit history will not kill it, but the best approach is not to ever get anything negative on it. You seem young (in age) and you have lots of opportunities in the future for something to get on your credit record. Try very hard to keep anything negative off your record.

Answer 2

I would call them and make sure the arrangement to pay on the 10th is in place. Get a name, and preferably something in writing or at least email. Chances are they won't report you for a while. They are probably just posturing to get you to pay.

If you're already in a situation where you can't pay a 90 dollar bill I highly doubt you should be borrowing more money. I'm still paying off student loans 15 years later and I make 6 figures. Totally not worth it.

Answer 3

Credit reports indicate instances of paying 30 days late, 60 days late, and 90 days late. If you will be going over 30 days late, then yes the creditor can report that. (But note, you do in fact have a free pass to be up to 29 days late, no one will know THAT). So it depends on when the bill was actually due ... maybe they are just trying to scare you.

It's not the end of the world if you get one red flag for 30 days late. Not sure the full impact, but I'd think that's relatively minor in the overall scheme of things.

You may want to check one of your credit reports for free, to get familiar with these things ... see link below.

Answer 4

first - how old is your bill? If you have had it for some time and not paid on it, yes they can turn it over to the credit bureau. but remember we have holidays in these two weeks. And some of these creditors are over anxious. How well I remember my student days. I turned the tables on a creditor (don't forget they have expensive 800 numbers) and called EVERY day just to tell them my check isn't here. Keep honey in your voice "I just wanted to let you know my check is in the system but not here yet." They finally just said to send it when it arrived. Know why? when you call you are taking that person out of the money making loop you are cutting into their profit margin. they make money by making calls not receiving them. Good luck communication with them is vital but remember each state has different collection laws.

Answer 5

Yes, they will report it. Yes you should pay it (you say it was ridiculous not that it isn't valid. I have many bills that I feel are ridiculous but I have to pay). Lenders often re-run credit and it is also re-run by QA Depts and investors. On the signature page of your 1003, which you will sign a final copy of at closing, asks if you have any open collections or judgments so you would also be committing fraud.

Answer 6

First talk to them and see if it can get straightened out. Alot of times things get messed up on their end and messages don't get to everyone. But if the worst thing happens and you get reported your credit will not be ruined at all. It takes alot more than a late-paid $90 bill to mess up your credit when before this you've always had good credit. Don't sweat it. Just call them tomorrow and explain it to them again.

Answer 7

you know what i been in the credit bureau for a long time and i get calls because i cant pay my bills, i dont like it but how much can you pay when you hve an income of 624 a month, i know some will sy she can afford a computer but i got it before i was sick and you can get it sheaper say 15 and i do like to have something to do because iam alone, i pay what i can and that is that, if you just pay 5 dollars a month there happy, dont worry to much just pay what you can, good luck and happy new year.

Answer 8

It will greatly affect your credit report. Late payments usually stay in your credit report for 7 years. There really isn't nothing you can do if they add the late payment into your credit report. They already informed you that they was going to report it if the payment was late.

My only advice would be to ask the business if they would extend your grace period to pay the bill.

If they say "yes," ask them if they would put it in writing or e-mail, so you will have some proof that they agreed to extend your grace period.

Good luck!

Answer 9

It might hurt it but it won't be that bad as long that's the only thing in it. Try paying it with a credit card and just pay the card later

Answer 10

If we knew what kind of bill you have, It might be easier to help you., different company's are handled different ways.
Send them a registered letter stating you would be more than happy to pay your bill if they could send you a hard copy of your signature,contract, agreement, what ever applies to your situation. and when they don't you can use your notarized copy to leverage them to at least remove it from your credit when you eventually pay.