Help me! letter from bank.?

Question

heyy all, i need someones help trying to understand something here..

i got a letter from my bank today saying:

PLEASE MAKE A PAYMENT OF AT LEAST $$$ BY THE END OF THE MONTH. PLAYING THIS AMOUNT WILL BRING YOUR ACCOUNT UP TO DATE AND BANK ****** WILL REPORT THIS ACCOUNT AS CURRENT WITH THE NATIONAL CONSUMER REPORTING AGENCIES.

the thing is,, if im gonna make the payment why are they still going to put me on a national consumer reporting agency.

is this a bad thing?

please helpp me understand this info.

*no rude comments please*

thanks a lot*

Answer 1

They are going to update your account with them to show you are current in payments.  If you have been behind, it may be showing that you are a cetain number of days late (30, 60, 90, etc.). Your payment will "correct" the account so that you are not shown as late on payments. This is assuming they have reported you as late in the first place.

Answer 2

It means that if you DON'T pay, they are gonna ding your credit record.

Answer 3

Did you get a loan from this bank and have you called your bank and asked them about the letter? This is the first thing I would do, because:

1) They will help you solve the problem over the phone.

2) You have someone other than your bank trying to con money out of you, or they looking for personal information about you so they can later use your information for their own gain.

Bottom line, call your bank immediately.

Answer 4

Most lending institutions report this information to a credit reporting agency, good or bad.

Answer 5

If you make the payment, they will report your account as *CURRENT*. This is a *good* thing. It means they will report that you are paid up and not delinquent.

Answer 6

These processes take time and when the bank decided to send you the letter you have not paid it yet. When they receive your payment they will inform the credit agencies that your are in good standing.

try calling your bank and if possible pay by phone and get a confirmation/transaction number.

Good luck

Answer 7

Well first off, make sure this letter is genuinely from your bank. A lot of scam artists out there.

If you know that your account is overdue/overdrawn or whatever the case may be then they are asking your to bring your account current and they're willing to update the info @ the credit bureau aka national consumer reporting agencies. This is awesome that your bank is willing to do that for you. That's a chance and a half to get your act together and fast!

Pay the amount and keep a copy of your payment.

Answer 8

This is their way of letting you know that it's time to bring your account current.  If you fail to do so, it will then go into collections which will really drop your credit score even more than just being reported as late payment.

Even if they do report the payment status as current, it will NOT remove the late payment record.

Best bet is to pay it and keep it from going to collections which will move it to the derogatory section of your credit report.

Hope this answers your question