Hankety,
I have spoken to different credit suppliers.... they have different dates in the month that they report...

As for the credit reporting agencies doing their updates... that is something I hadn't really studied... that's an interesting point

Credit managers tell me that lenders report to the bureaus at the beginning of every month. In any event, the beginning of the month is when the bureaus, themselves, do their monthly updates.

To be even more specific... each creditor has different payment terms, and they report to Equifax and transunion at different times of the month.

The best thing is to contact them and ask them which days they report to the credit bureau.... this will be a few days after the payment date.

If you can be specific with the report date from the creditor, you will know exactly when they report to the credit bureaus

Thanks for the replies!

The office of consumer affairs definition is simple but when things contradict that it makes it confusing.

I ran into a couple places that define a late payment as one that is more than 30 days past due starting from the statement issue date. That is 21 days earlier than that below.

Additionally, the customer rep at my mastercard told me the same. Late= >30 days past statement issue date.

Currently i am in a situation that i overlooked a payment and it was just made more than 30 days past statement issue date and less than 30 dYs past due date . I pulled my file and saw mastercard updated my report with an "ok" on friday so i am guessing that im ok

R0 means that you've got a new credit card and haven't used it or made payments with it... there is no credit history...

If you're R2 that is a late payment...

If you pay your statements ontime and as agreed your account will always be R1....

pretty simple

There aren't 2 definitions, Here's the complete list from the the Equifax website. If it's of any help, I included the intervals on the previous post which is the same as those in the following table:

R0: Too new to rate; approved but not used.

R1: Pays (or paid) within 30 days of payment due date or not over one payment past due.

R2: Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.

R3: Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due.

R4: Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due.

R5: Account is at least 120 days overdue, but is not yet rated "9."

R6: This rating does not exist.

R7: Making regular payments through a special arrangement to settle your debts.

R8: Repossession (voluntary or involuntary return of merchandise).

R9: Bad debt; placed for collection; moved without giving a new address or bankruptcy.

NOTE : Other rating indicators that might be found on a report are "I" for installment credit or "O" for open credit line.

Source : Equifax Canada

This from the office of consumer affairs... So the two definitions confuse me, which is legally correct?

North American Standard Account Ratings : "R" Ratings
R0: Too new to rate; approved but not used. R1: Pays (or paid) within 30 days of payment due date or not over one payment past due. R2: Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.

R1 means paid on time, or within 30 days of due date.This is the highest rating possible.
R2 means the account is past due at least one payment period (usually 31 to 60 days).
R3 means 2 or more payment periods past due (usually 61 to 90 days).
R4 means at least 3 or more payment periods past due (usually 91 to 120 days).
R5 means at least 4 payment periods past due (usually 121 to 150 days).
R9 means at least 6 payment periods past due, or a write off after 180 days. This is the worst rating possible. Generally, it will create a negative entry in the Public Records/Collection section of a credit report in addition to the R9 reference in the Trade(lines) section IF the account has been sent to a 3'rd party for collection or sold to a debt buyer.

See the Equifax example below.

http://www.fcac-acfc.gc.ca/eng/resources/publications/budgetMoneyMgmt/CreditReportScore/ExEquifaxReport-eng.asp

I am getting mixed info on what constitutes a late payment and r2?

Is it late more than 30 days past due date or is it more than 30 days past statement date.

A sears mastersrd rep told me more than 30 days after statement date but the canadian governemt site list and r1 as "pays within 30 days of payment due date" so i am confused.

Pulled my report and saw sears mastercard reports last week while i was late on paying and new statement issue however they i dicated the accout as in good standing "paid as agreed"

Confused!