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<<Are you saying you missed your billing date by one day or the pay by date? If it is the pay by date, you are saying that some companies are granting a 60 day grace period without reporting but are charging late fees for the last 30 days. Do I have this right? Your
payment was 31 days past the billing date but one day past the pay by date.>>

My payment was due on August 1. They got it August 2. I was charged a late fee (No problem, it was late). They also reported it to the credit agency as 30+ days late. My understanding is that most companies would charge the late fee but would NOT report the payment as late unless they received it after September 1. For example, on August 7, I get a bill saying my last payment has not yet been received. I now owe both my August payment and my September 1st payment. If I send in both payments before Sept. 1st, most companies WILL NOT report any late payment. If I send it in on Sept. 2, then my payment for August was in fact received over 30 days after it was due. Companies would then report it.

Note: "Grace Period" is really a misnomer. The fact is that the credit reporting agencies doen't have a category for 1 to 30 days late. Also, the grace period I'm talking about has nothing to do with being charged interest if you don't make your payment on time.
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