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#2188749 - 08/10/18 06:11 PM Reporting to Credit Bureaus - Amount Past Due
NSF, CRCM Offline
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NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
We have some loans that are current and report as current on our file we send to the credit bureaus; however, they have collected late fees in the past and we do not require the customer to pay these fees before we consider the account current, but the late fees are totaled on our core system.

My question is: How should we report Amount Past Due?

The Credit Reporting Resource Guide states that this "field should include late charges and fees, if applicable" and it also states "If the Account Status is current, this field should be zero." I am not sure how to handle this. We report the account current because they are not past due on any regular payments; however, there are still late charges outstanding.

Any feedback is greatly appreciated. Thanks
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#2188822 - 08/11/18 12:37 PM Re: Reporting to Credit Bureaus - Amount Past Due NSF, CRCM
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,275
Galveston, TX
A loan is not past due if all that is outstanding are past late charges. You include any accrued late charges in the current balance of the loan.

The Current Balance should contain the principal balance including Balloon Payment Amounts (when applicable), as well as applicable interest, late charges, fees, insurance payments and escrow that are due during the current reporting period. The Current Balance may exceed the Highest Credit, Original Loan Amount or Credit Limit.
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#2188836 - 08/13/18 01:14 PM Re: Reporting to Credit Bureaus - Amount Past Due NSF, CRCM
NSF, CRCM Offline
Gold Star
NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
Thanks Randy!
_________________________
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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