Will this go against my credit rating?

JudithMay 11, 2004

I purchased a used pickup truck from a dealer about a year and a half ago. The payments were due the 9th of each month and I have always paid on time. This past April I mailed my check at an outside mail box at a local post office about 5:10 in the evening of April 7th. The mail was to be picked up at 6:00 PM. I thought all was well until I received a telephone call on April 29th from the bank saying that I was overdue on my loan and had not made the April payment. I looked in my check register and saw that I wrote the check on April 7th and I had made a special trip by the post office that day to mail it. I told this to the woman that called and she told me to check with my bank to see if the check had cleared. I called my bank and the check had not cleared. I called the woman at the other bank back and she suggested that I stop payment on that check. I asked her if it would go against my credit rating and she said it would not unless I was 30 days late and at that point I was 19 days late. Since I recently sold a piece of property I had planned to pay off the balance on the truck with the next payment but decided to pay it off that day. The woman gave me the amount to pay if I paid it that day. I went at lunch time to a branch of the bank where my loan was and paid the loan in full. Again I thought all was well, until last Saturday when I received a letter from a collection agency saying that I had not made a payment and it had been turned out for collection. This letter was mailed on May 3rd. I had paid the loan in full on April 29th. I called first thing Monday morning and the guy at the bank said that they don't use that collection agency any more. Well, somebody must have contacted that collection agency and after I had explained that I did mail my payment and I had no idea that they hadn't receive it until I got the phone call from the bank and I went out immediately and paid off the entire loan. I asked the guy at the bank if that would show up on my credit report and he insisted that it wouldn't. What should I do now to be sure it won't affect my credit rating? I did nothing wrong and paid and mailed my payment on time. I don't know if the post office lost my payment or if it was the bank but I don't want this showing up on my credit report. Thanks. Judith

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As the bank employee said, this should not show up on your credit report because it was not 30 days late. But mistakes can be made. Save all the evidence you have of when the payment was due, and when you actually paid the loan off.

Wait a couple of months and then get a copy of your credit report to make sure it doesn't show anything about this. If it does, go to the bank and make them correct it. They will be willing to do this, because if they report erroneous information and damage your credit, they are liable to be sued for whatever damages it causes you.

    Bookmark   May 12, 2004 at 1:08PM
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Hey, Judith! How about some acknowledgement of the time and trouble I took in my response to your question about annuities. When you failed to respond, I figured my post to you was just a waste of my time.

    Bookmark   May 13, 2004 at 1:27PM
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Maxwell, I'm sorry. I did appreciate your post and am going to follow your advice. Right now my life is so stressful that I didn't realize I hadn't thanked you. Time is flying by so fast and my job has gotten to be extremely stressful, so I have been getting on the forums every now and then to ease the stress. I know that is making me get further and further behind and I shouldn't be doing it, but I get a lot of good advice and your advice to me was very good. Thank you again for taking the time to respond to my post. And That bank sending my account out for collection when I had mailed my payment on time and made a special trip to the post office to do it, really added to my stress. Judith

    Bookmark   May 13, 2004 at 3:00PM
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That's OK. Sometimes it gets away from us, doesn't it?

    Bookmark   May 13, 2004 at 5:10PM
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