Missed payments vs Late Payments

**LouizeM** · 7th October 2006 13:52

Hi all

I recently downloaded my credit report to find lots of random missed payment markers across a few accounts over the years. Nearly all of these were late payments, where the money hadn't electronically transferred to deadline e.g due date was a Saturday so payment credited on the monday. Yet if you look at my file it implies they were missed payments.

Can banks legally do this? Esp when some of them were electronic transfers from my current account to my visa account with the same bank! Ive noticed my payments go to cyberspace for 4 days before being credited (probably accruing interest icon

with someone else along the way)

A logical solution would be for credit reference agencies to change their scoring system to reflect which were just a little late and which were actually unpaid. But until this happens - should banks really be saying unpaid , when it wasnt unpaid???

Similar Threads:

**jo5ephedward5** · 8th October 2006 17:17

i have this with HSBC icon

for a loan - i pay it every month standing order and it arrives 1-2 days later than the payment dat - shows as one month behind every month when really its one day!

still i set up the standing order without factoring in the elay between accounts so its my own fault!

**LouizeM** · 24th November 2006 18:19

Its so irritating - noticed that I have a late payment marker becuase one tried to go out on the same day as my wages went in - for some reason the money request went before my wages - so it bounced when there were funds. I HATE all this crap

**fleeced_by_rbos** · 8th November 2008 19:47

Really this should be covered by the Data Protection Act, although I suspect some backroom dealing allowed the banks and the credit reference agencies to get away with this.

The DPA is supposed to ensure that any and all electronic records are entirely correct, so if it is worded that a payment was not made and it was simply late, then there could be some legal angle there, but I'm sure they'd argue that the missed payments are considered missed because they weren't in the appropriate account by the due date.

This is just one of the many ways banks can screw us over by being in control of when and how things get paid and making us consumers feel like we have done something wrong when it is their processes and disgracefully unethical behaviour that causes many of the problems.

Most companies like to enjoy goodwill from their customers and treat them with respect if they expect to keep their customers - banks are in positions of power and couldn't care less. The so called competition that exists in the banking sector covers up the fact that they operate more like a cartel and keep screwing us over because they can.

Sorry, rant over. But my point is that the although the law should be on our side in many cases including misuse of information regarding payments, the banks have far too much power to make it an easy one to fight. But then again, people power has overthrown regimes and empires in the past!

Thread: Missed payments vs Late Payments

Thread Tools

Search Thread

Missed payments vs Late Payments

Re: Missed payments vs Late Payments

Re: Missed payments vs Late Payments

Re: Missed payments vs Late Payments