Complaint / Review
Wilshire Credit Corporation
Excessive Payment Processing Time ripoff

I use online banking and payments are mailed to the Atlanta, Ga, payment processing center. I, too, am experiencing delay in posting of my payments. I have not been charged a late fee, but hold my breath. I pay my mortgage before the first of the month and usually the payment is not posted until the 5th - 7th.

I have called and expressed concern and the Wilshire rep says it's "okay" as long as the payment is posted before the 10th and it will not be reported to the credit bureau. I asked what takes so long and they don't seem to know. I do know my bank guarantees payment on the date I select the mortgage to be paid and if late fees are incurred they will pay them. This is the only business I have had this experience of late posting. I was thinking of mailing a check so I may pay more on principal but hesitate after reading these posts.

I also wonder if my bank statement shows the transaction to Wilshire Credit as being paid before the first of the month (on the 30th or 31st because the funds are withdrawn) if I am protected?

I am glad to have this information and will keep my eyes open to any fraud.