Knowing the day that your creditor reports to the credit bureau can be very important. The exact date will vary from company to company. When you schedule your budgets and payments, it is important to make a note of the notification date to avoid a late payment history.
The Company Reporting
If your credit card company reports to a credit bureau company on the twenty eighth of each month, have your payment deadlines switched to the twenty ninth of each month. This can avoid late payment reports. Although this is not a proven method, it will reduce the chances of your late payment going onto your credit report for that month.
Every company will report to the credit bureau at different times. It is your job, as a consumer, to know when. You can call the creditor and ask them when they report, when they mail billing statements and what their billing cycle looks like. While on the phone, also ask them about monitoring your credit and about effective identity theft methods.
Why Scores Are Important
There are three major credit bureaus. All creditors will use at least one of the three when they run your report. Credit bureau scores are incredibly important.
Several major life decisions can be either negatively or positively affected by your credit scores. The best example of negative and positive effects of bad credit would be the cost of interest rates. When you are in the market for a home or auto loan, you are going to find that your interest rate will go up when you have a poor credit score and lower with a great credit score. If your score is bad enough, you will not get a loan at all. You will be asked for a co-signer or simply be turned away completely.
The bottom line is: your credit is your responsibility. You must communicate often with both the company reporting and the credit bureau. Talk to your company that reports and ask them what day of the month they report payments. Once you know when they report, it may be easier for you to plan any purchases without fear of a late payment hitting your credit score. This perseverance will pay off for you in the end. Do your research and work hard to prevent blemishes on your credit bureau scores, it is more than worth the effort.