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If there are two main truths about credit scoring, it is that paying your bills on time is crucial, and thereвЂ™s no shortage of complicated industry jargon.
You almost certainly currently comprehend the previous, which can be the significance of maintaining your credit file clear and free of belated re payments. The latter might be another tale.
One particular industry term is re payment status, which can be one of the main ways companies that report your details to your credit reporting agencies can select to share with you information that is negative whenever warranted, regarding your records. The most frequent of all the re re re payment status choices could be the payment that isвЂњlateвЂќ which it self is just a bit complicated.
Whenever Can a Lender Report My Belated Re Payment?
This real question is the foundation of much confusion and, honestly, wrong blog posting. The credit reporting agencies have actually an unusual concept of вЂњlateвЂќ compared to one youвЂ™ll discover in WebsterвЂ™s Dictionary.
A lender must choose to communicate the information about your late payment to the credit reporting agencies, or CRAs before a late payment can be reported on your credit reports, two things must occur: First. 2nd, that information must be accepted by the CRAs.
Credit scoring is really a process that is voluntary. Lenders don’t need to furnish your account information into the CRAs. No matter if a loan provider does prefer online payday TN to report your reports, it really is under no appropriate responsibility to report belated re payments when they occur.