Mortgage Payment & CRAs, underpay $1.00

[PetMom]

Hope that thread title makes sense.

Got a free credit report and went over everything.

No late payments.

Checked out some fine print and found:

Scheduled amount due: $934

then: Actual amount paid: $933

Then looking at the very top there is a nice bold letter chart stating the same thing.

Our mortgage payment is: $933.68.

The are in effect rounding it up and then showing we are not paying the actual amount.

Immediately called and they are investigating this.

They pointed out that our record with them is good and no late payments but I told them this
reflects we are not paying the amount due when we are paying what is on the actual bill.

Has anyone ever had this happen?

Just shows you have to go over all the fine print on everything.

[greenskeeper]

never heard of this, but interesting.

Shouldn't effect anything, as you can have a $10k CC balance and pay the minimum due and it looks like an on-time payment.

[pdweaver]

Originally Posted by PetMom

Hope that thread title makes sense.

Got a free credit report and went over everything.

No late payments.

Checked out some fine print and found:

Scheduled amount due: $934

then: Actual amount paid: $933

Then looking at the very top there is a nice bold letter chart stating the same thing.

Our mortgage payment is: $933.68.

The are in effect rounding it up and then showing we are not paying the actual amount.

Immediately called and they are investigating this.

They pointed out that our record with them is good and no late payments but I told them this
reflects we are not paying the amount due when we are paying what is on the actual bill.

Has anyone ever had this happen?

Just shows you have to go over all the fine print on everything.

Who did you call? The Credit Reporting Ageny or your mortgage holder?


So your credit report shows $934 due, or your mortgage bill?

It sounds like the credit report simply rounded to the nearest dollar for some reason. Who did you use to pull the report?

If the reporting agency doesnt show any negative marks, and your mortgage bill shows 933.68, then you are fine.

[PetMom]

Got the free annual credit report, this showed up on Experian.

'scheduled amount payment' is $934.00
'actual amount paid' shows in every payment made $933.00

CRA does not have a title: 'actual bill' or our mortgage bill which is $933.68 which we do pay. We don't keep these actual statements after we pay them, they are thrown away. We are going to keep the next one.

It appears we are underpaying consistently $1.00.

Called the bank and they are investigating it. Have not contacted the CRA.

With credit reports being so important now for what you even pay for insurance, getting work, lower interest rates on houses - every little detail must be accurate.

If we had been underpaying this would just be an issue where we had to catch up with the amount.

Rounding the dollar sounds like it would be easier figuring, but it is being rounded up to our detriment.