Jump to content

JDB reporting 120 day Late


Recommended Posts

Well, here's my explanation (based on experience rather than an actual law)..."lates" are a status as well as an "event". When you miss a payment, your reports are marked as 30 days late...from then on, that month has a status of "Late 30". That status for that month doesn't change.

When a JDB buys a debt, they buy it with the status it had when it was sold. Since most CRA software really only uses a code (i.e., 1 = Late 30, 2 = Late 60...up to 4 = Late 120) for status, that's the "latest" status you can get".

So therefore, the JDB reports the status code the debt had when they bought it. Are they reporting accurate info? Well, maybe not, but the only real information of consequence is DOFD with the OC.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.