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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Venting Time ( I apologize in advance)||Date: 3/31/1998 6:13 PM|
|Author: Mike7279||Number: 992 of 310604|
I appreciate your response, but I think you misinterpreted the points of my post. My main point was my surprise that 1 day late can be reported on your credit report as 30+ days late with no distinction between the two. I personally think this is wrong because lots of things can cause a payment to be a few days late versus being 30+ days late. If you allow creditors to put adverse items on peoples' accounts for payments made 1 day late, then create a new category for it. Make it uniform, that is all I ask. If I get dinged for being a day late, so should everyone else regardless of the creditor. The fact is that the industry by and large doesn't report items unless they are OVER 30 days late (please correct me if I am wrong about this). Further, now that the industry has set this grace period standard, "rouge" creditors cause more problems than are warranted. The credit agencies don't add a category because almost no one reports them. This I suggest is unfair. This unfairness and the fact that creditors are not required BY LAW (as I was told) to report accounts which are 1 day delinquent were really my only points.
My venting (which I warned and apologized in advance for) was a result of my disappointment with my University. I do not expect them to change anything. I just found it odd that a University which actively solicits money and support from its alumni, treats ALL OF THEM (not just someone who contributes money) harsher than the general credit industry. I brought up the dollar amounts and the fact that I contribute more money than I owed (which is currently a lot less than I guess I implied but at my death would have been six to seven figures) merely to show that the size of the debt was insignificant as compared to the trouble it took the University to report my delinquencies.
I did write my Alumni Office and copied others at the University (see letter below). But, because I disagree with the way they are running things, I do not intend to send them any more contributions. Again, I am mad they are treating ALL alumni in this manner most of whom will never know it. Besides, as someone else pointed out there are more worthy charities out there..
Re: Fostering Alumni Relations
I recently received your latest invitation to the next alumni function. Unfortunately, I must decline to attend and would like to be removed from any further solicitation mailings for the reasons which follow.
Earlier this month, I reviewed my credit reports with the big three reporting agencies. I am told everyone should do so to make sure their reports are accurate and up to date. As you may know, creditors report adverse information on individuals' accounts such as delinquent accounts (30+ days past due, 60+, 90+, 120+) or accounts charged off to bad debt. Upon receiving one of my reports, I noticed that the University reported that my student loan with the University had been "30 days late" in the prior 30 months. This surp