A billing cycle is simply the amount of time, usually 28 days, between the date of your last statement close date and your next billing date. Your billing cycle consists of all of the bills you've made which have gone out of date, either by becoming due and past due. You don't need to know the exact length of your billing period; however, most business entities will elect to know at least three years as a minimum. Your current balance (balances on all due and past due invoices) is listed on your statement as your “current balance.” If your company is experiencing high levels of delinquency rates, your billing cycle may extend for up to two years.
You should review your previous statement balance when you are establishing any new purchases, make changes to your billings, or if you have re-evaluated your entire company. If you have new, different, or different amounts due for any of your invoices, it will be easier to track and analyze your account when you have an accurate balance. To maintain an accurate balance, re-evaluate your prior balance anytime your company experiences balance fluctuations; you can do this by logging onto your statement via your bank or credit union's Website, and printing a new copy.
The section shows the date on which your company transferred your outstanding debt to another credit card account. You might wonder if the statement has an extension period for this transaction; the answer is a resounding yes! Whenever your company does a credit card account, it is required by law that you give notice of at least three to four months prior to the beginning of your new credit card account, as well as the total amount of the new charges you will be subject to; if there is a grace period involved, that section should show the grace period in bold.
The section also shows the date that your unpaid balance became due or delinquent. Again, you'll want to know this as soon as possible so you can make arrangements to pay what you owe. An unpaid item in your statement can cause a negative impact on your credit rating; however, it is not as damaging as a charge off. Charge Offs stay on your statement balance until they are paid in full; unlike Auctions, Charges are deleted from your statement balance when they are paid off. Auctions are recorded and are available for collection at the county courthouse once an auction sale has been held.
The section that details all charges that were made on your account, including the total amount due and the total amount disbursed is called the statement of charges. Any charges not included in your previous statement balance or due account balance are reflected in the statement of charges for each month the account was active. There is usually a small line at the top of the statement detailing the charges incurred for each month. This is the account summary section. When you are reviewing your account, you should look for any amounts that don't accurately match your prior statements and disbursements.
You may also find errors in your statement balances if certain types of purchases were made but not reported on the statement. For example, if you had a credit card and a department store credit card with a balance, but made no payments, only the department store card would show on your statement balance. Errors are fairly common, especially in current times because of the prevalence of charge offs and charges-offs. If you notice an error with your statement, it is important to contact your credit bureaus immediately and have them investigate. Having problems with your credit scores could have serious consequences; failing to take corrective action can damage your credit scores for years to come.
What is a Credit Card Balance – Understand Credit Card Statement – previous statement balance | previous statement balance
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