How much are late charges for a late payment?

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If you don't pay your bill on time, how much are the late charges? Or if you only pay a portion of your bill, how much are late charges for the remainding balance?
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Posted 5 years ago

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In all cases, the late fee charges are 2% of the outstanding balance that is late by the due date.
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Robert Bell

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Someone said that a late payment automatically goes onto your "credit history".
What EXACTLY does that mean?
What is "credit history"? Is that the same as your Credit Rating? eg. is every late payment reported to a Credit Agency such as Equifax and which in turn affects your Credit Rating for which it could take 5 years to restore?
Would that happen if late one day? or for only $1?
Be precise. Explain what "your credit history" means and with whom. Is it just Koodo's own payment records or is an external Credit Rating agency? What would it take to be reported to a Credit Rating agency and consequently affect your Credit Rating?
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Timo Tuokkola, Mobile Master

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Your credit history is exactly what it sounds like; the record of how you have dealt with every balance due on every account you have had for up to seven years. Your credit rating is based on your credit history, which is accessible to every credit rating agency. Credit ratings, however, look at broad trends in your credit history. A single late payment will have a minimal effect, while a trend of paying late every month fir several years will tell a different story.
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Robert Bell

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Are you saying that Koodo shares my payment history with Credit Rating agencies?
For every payment required? eg. every month?
Regardless of whether on time or late? Over or under paid?
Regardless of whether 1 day or 60 days late?
Regardless of whether or not there is a problem at the Koodo end that delayed Koodo's getting credit for the payment? eg. your payment web-site is down or if payment is done by a credit card, credit from the credit card issuer is delayed?
Will be checking my agreement with Koodo to see if I consented to their sharing of my personal information with anyone else.
Concerned about how vulnerable my otherwise Sterling Credit Rating is to a minor payment difference with Koodo.
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Timo Tuokkola, Mobile Master

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In case you hadn't realized it, the entire POINT of a credit rating is to tell potential creditors how often you pay your bills on time and how often you do not. To this end, every bill you have ever received is reflected on your credit rating. If you pay late, this will be reported. If you pay on time, this will also be reported. This information is reported by every company. It is in no way some peculiar quirk of koodo.
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David, Mobile Master

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You should request a copy of your credit history from both Equifax and TransUnion if only to get a better understanding of how it works. You can request one report per year at no cost, or buy more frequent review if you wish. 
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courtney m

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Late payment charges are 2% of bill and if you only pay a portion it will still be 2% of whats left remaining.
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Rocky Payou

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Any missed payment goes onto your credit history instantly. I was told that after being on hold for 120 minutes!!!! F KOODO
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Timo Tuokkola, Mobile Master

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This is the same for credit card payments, mortgage payments, car payments, electric bills, water bills, etc. It's hardly a Koodo specific thing.
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Missing a payment will worsen your credit rating with Koodo/Telus, but missing a few payments, getting suspended for non-payment, etc. will get reported to the credit bureau, which will impact getting approved for credit cards, mortgages, car loans, etc. Utility companies, telco's etc. may start requiring credit deposits as well. Not a good idea to gamble with your credit rating.

If your credit rating isn't bad yet, consider grabbing a line of credit (usually 5-10% interest per year), or even a credit card with a balance transfer of 0-2% interest per year for 6-14 months.

If your credit rating is already bad, consider lowering your cost of living in every possible way. Try reducing your cellphone usage or even put your Koodo line on seasonal hold for $15 per month plus tab. Try swapping incadescent/CFL bulbs for LED's in your home to lower your electricity bill. If you're still making car payments, consider selling your car if public transportation is available.

If you still struggle to pay your Koodo bill, not all is lost. If you're primarily in a wifi zone, port your number to Fongo and buy-out your tab. Pay the final bill with a line of credit or even with a personal credit card, and pay it back when you can.


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