Dating for professionals with credit cards
Overall, the number of identity theft victims rose 18 percent since 2015 — a number that represents 15.4 million people and losses totaling billion.
Still, most fraud cases occurred online, where merchants still depend on card numbers, expiration dates and security codes.
The answer is that it depends entirely on the discretion of your credit card company, which has the right to report a late payment to the 3 major credit bureaus (Equifax, Experian, and Trans Union) after 30 days.
The credit bureaus maintain your credit report and compile your credit score, which lenders use to determine whether to let you borrow money – and at what interest rate.
Fortunately, credit card companies cannot report a missed payment less than 30 days after the due date.
Those new security chips in your credit cards aren’t helping much in cutting down on credit card fraud, partly because thieves found other ways to steal and partly because not enough merchants are using the chips, says a new report issued this week.
The report, compiled by consulting firm Javelin Strategy & Research and identity-theft-protection firm Life Lock Inc., said nearly half of credit card fraud cases involving chip-enabled cards occurred at 64 percent of merchants who haven’t installed chip-enabled terminals.
Okay, now let’s consider what happens after you have missed one payment (and remember, paying less than your minimum payment is equivalent to a missed payment).
When this happens, you will immediately be charged a late fee of approximately -35.