Credit Check (Experian) vs. CC Statements

MeandtheLilUn

Hi guys,

I've just been checking my Experian credit report, and I've noticed that according to their data I haven't missed/been late with any payments on any of my accouts, except 1 payment, for 1 account over a year ago. Yet when I look at my CC/SC statements I've been receiving late payment fees all over the place!!

I'm not complaining that Experian isn't reflecting this, but how can I be charged if the payments aren't late? I have everything set up in my bank account to pay (albeit slightly) above the minimum payment by/on the date the payment is due.

Can anyone advise on this please? Do you think it will be worth writing to the CC/SC providers to dispute the charges?

Thanks
Me

CannyJock

Always worth disputing charges for the sake of a stamp and some time

It could be that the card companies are receiving the payment late (according to their allow 4 days for cash to clear nonsense) but before they report to the CRA's.

If you don't already, you should setup a minimum payment direct debit to ensure that it's their responsibility to request the funds in time (and yours to ensure there's enough funds to request). You can then make additional payments whenever you like by online banking.

MeandtheLilUn

Thanks, I think I might contact them and ask why I've been charged. I have made all the payments on time, and I have bank statements that can back that up!

I think I'm going to reinstate DD's for my remaining accounts (I have a Barclaycard to do as many balance transfers on as possible coming soon! Hopefully this will close down 2 or 3 accounts fingers crossed!!) That way it will b their fault if they don't take payment right? I know I once got a charge because it was a bank holiday weekend so the payment got delayed.

Thanks for the response!

Me

Ritchie74

The company I work for does not report adverse info to bureaus unless payment is at least 30 days late. However a late payment charge is still applied at 5 days past due and an early delinquency marker is applied to the account. This stops further spend until arrears are paid. Maybe something similar has occured here ?

CannyJock

Ritchie74 wrote: »

The company I work for does not report adverse info to bureaus unless payment is at least 30 days late. However a late payment charge is still applied at 5 days past due and an early delinquency marker is applied to the account. This stops further spend until arrears are paid. Maybe something similar has occured here ?

Cheers for that Ritchie, which company specifically is that? One of the majors?

MeandtheLilUn

Hi,

Thanks for your post Ritchie. If a payment is late it is usually by a day or so, so this would make sense. I'm also interested to know what company this is if possible? Do you know if this is a common occurrence for different companies?

Thanks

never-in-doubt

Ritchie74 wrote: »

The company I work for does not report adverse info to bureaus unless payment is at least 30 days late. However a late payment charge is still applied at 5 days past due and an early delinquency marker is applied to the account. This stops further spend until arrears are paid. Maybe something similar has occured here ?

Well mentioned Ritchie - this is the norm, most (if not all) lender operate this way because a day late is not the same as being a month late, and the CRA's work on months - not days therefore only after a payment is one full calendar month late, can a late marker be registered.

So in essence, lets assume you miss a payment and then make payment after 20 days on the 8th of the month, but this passed the 3rd of the month which so happened to be the CAIS date, and a late marker was added. This would be removed automatically at the next CAIS feed the following 3rd of the month as the account was never actually a full calendar month (30 days) late.

Making sense yet guys....?