St. Pius Federal Credit Union

As the Compliance Officer of St Pius X Federal Credit Union, I am providing you with information, peryour request, regarding a complaint that was received on 11/7/2016.The member has concerns regarding their credit score being affected by late payment notices theyhave repeatedly received via mail
The member claims that their payments were never late becausethey were taken directly out of their account two days before the payment was dueThey also statedthat there is day grace period for making a payment.The loan was disbursed on 2/17/with the first payment due on 3/19/Payments are dueon the 19'h of each month for $Payments were applied to the loan upon receiptBased onthe payment history, payments were made, of which were considerably lateThe member'sloan contract clearly states a day grace period after the due date, which is the 19'h of each month.The ACH Authorization Agreement was signed by the borrower on 9/26/which authorizes theirfinancial institution to transfer funds to our Credit Union for paymentsSee the attached page for anoverview of late payments.The borrower's credit score was at the time of the loan disbursementThe credit reportindicated past delinquency problems as well as outstanding collections.Based on the information reviewed and provided to you, we believe that this complaint would beconsidered settledIf you have any additional questions, please feel free to call me at ***ext***Cathy A K***

As the Compliance Officer of St Pius X Federal Credit Union, I am providing you with information, peryour request, regarding a complaint that was received on 11/7/2016.The member has concerns regarding their credit score being affected by late payment notices theyhave repeatedly received via mail....

The member claims that their payments were never late becausethey were taken directly out of their account two days before the payment was due. They also statedthat there is 7 day grace period for making a payment.The loan was disbursed on 2/17/2015 with the first payment due on 3/19/2015. Payments are dueon the 19'h of each month for $257.54. Payments were applied to the loan upon receipt. Based onthe payment history, 19 payments were made, 9 of which were considerably late. The member'sloan contract clearly states a 5 day grace period after the due date, which is the 19'h of each month.The ACH Authorization Agreement was signed by the borrower on 9/26/16 which authorizes theirfinancial institution to transfer funds to our Credit Union for payments. See the attached page for anoverview of late payments.The borrower's credit score was 627 at the time of the loan disbursement. The credit reportindicated past delinquency problems as well as outstanding collections.Based on the information reviewed and provided to you, we believe that this complaint would beconsidered settled. If you have any additional questions, please feel free to call me at [redacted]ext. [redacted]Cathy A K[redacted]