Bad Credit Agency

According to the Fair Credit Reporting Act, is there a grace period before agencies can report missed payments

What is considered unfair reporting. My child support reporting agency is reporting late payments each month to the credit agencies even though direct deposit are made on each payday. It take the support agency 7 to 14 days to post to my account, thus making it late each month. So, are they unfairly reporting the status of my account?

Public Comments

1. http://www.ftc.gov/os/statutes/fcra.htm is the actual document. Policies to report and the actual reporting by agencies are decided by the agency itself. There is not a provision in the act that tells them when to report, or that a grace period must be given. It does allow you to cntact the reporting agency and straighten things out - as well as request docmentation as to why they continue to report. Note, if you are one payment behind - the report will continue untl you catch up. Best of luck.
2. No. Fair credit reporting has more to do with how your credit report is used. Policies to report are set by individual companies that extend credti to you.