GE MONEY BANK has changed basic accounting standards, FTC definitions, SEC accounting standards, violated Sarbanes Oxley and numerous other definitions of Account Aging and Reporting. My wife a retired Chevron Accounting Manager was reported 30 days past due to the all 3 Credit Reporting bureaus for her Chevron Credit Card.
Account aging for credit reporting uses the following definition - given and invoice date and due date on the credit invoice, 30 days past due is defined as 30 days after the due date on the invoice. For example if the invoice was date was Aug 8 and the due date printed was August 30, then if the payment was received on Septemeber 12, the payment is not reported 30 days past due, if the payment is received after September 28, then the payment is 30 days past due and may be reported 30 days past due. This is the understanding and definition used by EQUIFAX, EXPERIAN, and TRANSUNION.
GE Money Bank has redefined 30 days past due to mean given the invoice date and due date on the invoice, 30 days past due is defined as 30 day after tbe invoice date.in other words given an Invoice date of August 8 and a due date of August 30, then any payment received after September 6 is 30 days past due and reported as 30 days past due.
THIS IS WRONG!!! Contact the board of directors for Chevron and GE. GE deserves a class action lawsuit for this stupidity.
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