If you pay a mortgage by Quick Collect on a holiday and it is reported 30 days late because it was not credited until the next day can you dispute it?

Answer 1

If you ask the lender POLITELY they MAY "correct" this oversight, but they are within their rights to delay crediting your account for anything received during non-business hours until the next business day. One 30-day late payment on your record would probably be overlooked anyway.

I agree with the previous answer that this late payment, MAY be overlooked and corrected by the lender. It is in your best interests to write a "goodwill letter" to your mortgage company, providing proof of the mix-up and request nicely that the late payment be removed.

I disagree about this late payment being overlooked. Events on your credit report which took place within the last 12 months have significant impact on your credit score. This "History" category accounts for 35% of the score. I've seen a late payment on a mortgage loan drop a credit score 198 points, from 716 to 518 in one month. 716 is a good credit score and allows a consumer to do what they need to do financially. 518 is horrible and got that consumer a credit denial, delays, increases in insurance and existing interest rates on revolving account (HUGE financial impact).

If you were truly 30 days late, you had plenty of time prior to this one day to get your payment to your mortgage company. Don't be surprised if they offer little forgiveness for the holiday and method of payment. But, you should try the GW letter, just in case they are understanding. And, always pay your mortgage on time in the future.