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Lates question


mattls
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I’m sure someone may have asked this before but I've searched and was unable to find any information.

 

I want to make sure I’m correct before I keep pushing.  I have a credit account with a lender "Matco tools" as I used to be an auto mechanic. I've always made sure to pay the account on time. Recently money has been a bit tighter as I just started a new business and uprooted my family and moved with no income. Needless to say some bills had to be paid before others. According to my billing statement from Matco, my payment due date was June 18, 2013 but I was unable to pay until July 6, 2013. On July 9, 2013 I received a notice from creditkarma that I had a 30-day late hit my credit file. Needless to say it was the Matco account.

 

My understanding of the law is as follows.

 

An account isn't 30-day past due until the account goes 30-days from the statement due date. I called Matco to inform them that I would like the late removed with a big fat no. They told me that the 30 days starts from the last payment date with them. I informed them that made no sense as if I made a payment early say 25days early I’d be forced to make 2 payments in 1 cycle. Needless to say we went in circles for a few minutes before I had enough.

 

Am I correct with the understanding of the law on this? What’s the best way to go about having this removed? This one late docked my score 25 pts and would rather have them back.

 

Thanks for your help!

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When did the account closed on june and july? when was due on june and july?

 

For what I see you are right, it seems by the dates you give that the account was not 30 days late, but I would like the info first.

 

To be 30 days late normally happens when the second bill is also late, for example, I got an account that closes the 26 of each month, and is due the 20 of the following. If I don't pay on or before the 20 I'm paying late, but it will not be 30 days late until the next payment is due, or the 20 of the following month. Now that's for credit cards, not sure if the credit account you got is any different.

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The next due date according to them would be July 19,2013. ( As werid as it sounds, I dont think they have a closing date. I would guess the loan is more like a auto loan then a cc loan.) Their billing system is so confusing and Im sure there is reasons for this. Im so sick of this company I am ready to pay the full balance off. Was just keeping it for the positive reporting as were looking to buy a house in the near future.

 

I guess Im just going to contact the CRA's and give them the documents I have and see if I can get anywhere. Otherwise if this information could be correct I could "threaten" to swe in order to have this removed right?

The next due date according to them would be July 19,2013. ( As weird as it sounds, I don’t think they have a closing date. I would guess the loan is more like an auto loan then a cc loan.) Their billing system is so confusing and I’m sure there are reasons for this. I’m so sick of this company I am ready to pay the full balance off. Was just keeping it for the positive reporting as were looking to buy a house in the near future.

 

I guess I’m just going to contact the CRA's and give them the documents I have and see if I can get anywhere. Otherwise if this information could be correct I could "threaten" to sue in order to have this removed right?

 

I don't understand why it’s such a big deal I pay the account on time every month for the last 3 years and this 1 month it was tough.

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You will need to read to loan terms. It might be that not paying on the 6 was consider 30 days late. For example my AT&T bill is due on the 12, but it will not be late if I pay until the 18 or so, basically they give 5 days or so grace period, if I pay late then they could report as 30 days late, also they normally will just add it to the next bill. Call the company and ask for a copy of the contract or check if you got one and see when default happens, if you meet default then is 30 days starting on default day.

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@mattls - I agree with kutuzov - 30 days late really depends on each lenders contract with you.  If you can't find your original contract, sometimes companies will put some verbiage on the back of your statement that you get each month.  If not, then for sure I would call them and ask them to email you a copy of your signed agreement.

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