Late Loan Payment?
Answers:
Generally speaking, a payment is not reported as late to the credit bureaus until it is 31 or more days past due so this should not have had a negative effect on your credit. (If it is due on 11/1/06 and you pay it on 12/3/07 it is 3 days late.) You are entitled to 1 free credit report every 12 months so you should check your credit report and see what is showing. The letter was sent to you as a courtesy since there was a possibility that it could be reported. Keep in mind, payments are due ON OR BEFORE the due date...forget about "grace periods".
If you would like to check your credit report log on to annualcreditreport.com. You do not have to purchase any of the items that may be offered. The new federal law mandates that you must be able to receive 1 free credit report per year.
Remember...this report if free by law. Choose 1 of the credit reporting agencies (Equifax, Experian or TransUnion). Review the information on the report very carefully and dispute any incorrect information. If everything is correct file this report in a safe place. You'll need it for the next step.
Next quarter select A DIFFERENT reporting agency and make sure it says the same thing for the account in question as did the 1st report. If the information is the same, review the remainder of the report and dispute any incorrect information.
Keep these 2 documents as well as any dispute documentation just in case something comes up with your home loan. You shouldn't have any issues but if you do you'll have proof to show that you have been diligent in monitoring your credit.
Good Luck!
not really just get back on top of it and pay all your bills on time from now on, it should take maybe 2-3 months to get back to were you were,
Dave,
Credit unions are extremely lenient. It's probably not on your credit report, considering your good payment history.
If it is on your credit report when you go to buy a house, simply write a letter explaining the situation (and get a letter from the credit union verifying your good status).
You will be fine.
Check www.AnnualCreditReport.com to see if it is on there as a negative.
Get a free copy of your credit report first. I saw the address in another response. They may not have reported it. Some credit Unions are wonderful to work with and may remove it if they reported it, however, I did the same thing with Alaska Federal CU and they refused to remove it.
Good luck
I concur with the previous writers ... no need to worry about this too much since odds are VERY good that they didn't report it to the credit bureaus. Most creditors ... including the major credit card companies ... won't report a payment as "Late" to the credit bureaus until you are at least 30 days late with a payment. They will of course charge you a late fee which you may or may not be able to talk them out of, but that is less of a big deal than a hit on the credit report.
I would do as another writer wrote and check your credit report with all three credit bureaus and see if there is a negative entry on any of the reports. If there is talk to the credit union and you'll probably be able to sweet talk them into removing it from the file. But ... do this soon as most won't remove something from your file that is more than 2 years old. You can obtain a free copy of your credit report from all three bureaus once every year at www.annualcreditreport.com. Make sure you pull ALL THREE reports as they generally all contain different information and just because one report is clean doesn't mean that the others are clean. Good Luck ... you shouldn't have any problems.
You have nothing to worry about...You have to be more than 30 days late and even then it may not show up...But to put your mind at ease go to the free credit report, you can get one free a year from each of the reporting Credit Agencies. (There are 3) I get one the first of the year then again in June.
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