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Hello there…, I needed to know if my mortgage is paid on the 30th day of the month, will that get reported to my credit report? Or does it have to go past 30 days for it to get reported? How does that work? Any help will be appreciated.

jerry · Posted: Wed Dec 28, 2011 2:52 am Post subject:

Hi Shail,

As far as I know, the creditors will report late payments to the credit bureaus, only when you're 30 days or more late on your mortgage payments. You will even get a grace period of 15 days (from your actual date of mortgage payments) to make your payments.

Thanks,

Jerry

chrisgummerson · Posted: Wed Dec 28, 2011 12:26 pm Post subject:

Most lenders allow you to make your payment by the 15th of the month to defer any late payment charges. Payments made between 15th and last day of the month will incur a late charge. Payments made after the 30th are considered late and will be reported to the credit bureau as late payment 1x30

gmakerley · Posted: Thu Jan 05, 2012 12:39 pm Post subject:

As Chris noted, your payment arriving after the 30 days will result in a credit bureau report of 1 over 30. Paying on the 30th will not cause you to become more than 30 days past-due, which is the threshold for reporting late payments. Is it wise to push the envelope that much? I think not, but if it's your pay schedule that causes it to happen, then there may be little you can do about it. The worst of it is that you're paying a late charge, undoubtedly, every time you go past the 15th day of the month. Those charges add up quickly, and they provide you no benefit whatsoever.