Is Paperless Billing Right for YOU?

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI Lic
http://actvra.in/4YtV
 
Is Paperless Billing Right for YOU?

     


     These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

     There are obviously many positives to be found within these paperless services: 

  • Trees are saved  
  • Reduced postage costs  
  • Less paper documentation to organize or save/store
  • Possible rewards for switching to paperless
  • Payments can often be made/posted same-day
  • Automated payments can be set-up
  • More


     But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

     For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

     Their paper bill serves as a concrete reminder regarding their payment date, the balance they owe, expenditures made, interest rates, and more. For many, e-billing has just made it too easy for them to forget or overlook these important things.

     I've had clients report to me that paperless billing was the cause of a late payment showing on their credit report. They'd overlooked or forgotten an e-billing notice and paid a bill after a due date.

     This late payment had resulted in a lower credit score when seeking their mortgage. A lower score that ended up costing them money in the form of a higher interest rate.

     A few clients had missed billing errors or fraudulent charges made on their credit card accounts. They hadn't taken the time to look at their monthly e-billing or available e-statements. 

     Important information or notices had been missed.  The penalties incurred can be quite harsh, especially if there's a timeline attached to reporting the errors and fraud in question.  

     The same goes for any company's request for a response regarding possible upcoming changes to your account. Should the notice of that request be missed, it can prove costly.

     But beyond each of these, depending on the creditor, late-or-missed payments can have even more severe consequences. They can create roadblocks or delays for those seeking mortgage approval.     

     Bottomline, you need to pay your bills on time. And you need to find and stick with the method of bill payment that works for you consistently and successfully. Whether that be paper or paperless.

     So do an assessment of your preferences and habits regarding billing. (Do the same regarding your use of automatic payments, mobile payments, etc.) Then make your informed, well-thought-out, preferred choice ... 

     Paper or Paperless billing? Which serves YOUR needs best?




     * When in need of Mortgage info, guidance, or service when buying a home in Will County or elsewhere in Chicagoland, contact me. I'll be happy to put my 40+ years of mortgage experience and expertise hard to work on your behalf.
     I'm easily found at:

Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed

American Portfolio Mortgage Corp.
NMLS #175656
 
 
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                   IL Lic. #0006220  -  WI License                                                                                                     

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Illinois Will County New Lenox
Groups:
Mortgages
Home & Credit Savvy
Consumer Mortgage Tips
Bananatude
Tags:
credit
credit history
credit reports
billing
record keeping
paying bills
paperless billing
monthly billing and statements

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Rainmaker
1,398,594
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Timely post, Gene. No one method suits all, so giving thought to what works best for them is great advice. 

Jan 02, 2017 11:04 AM #1
Ambassador
2,491,069
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

paying on time is so important.  I generally speaking when I get that email go on line and pay immediately or at a minimum on sites where I can schedule it, I do that so I know it will be paid by the due date.

Jan 02, 2017 01:59 PM #2
Ambassador
806,987
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Paperless everything is what we prefer and we do automatic paying on recurring bills always ahead of time. My first mortgage banker taught me that you should pay your mortgage 10 days ahead of time because afterall, it is every 30 days and once in the habit you are never late.

Jan 02, 2017 02:33 PM #3
Ambassador
2,182,176
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Gene - I'm an old fuddy-duddy. I want bills I can hold onto as receipts and I want to write my own checks. Trying to reconstruct stuff after the fact has created some real problems - not all of those paperless arrangements are easy to use.

Jan 02, 2017 03:50 PM #4
Ambassador
2,882,519
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Gene funny you are blogging about this today.  I got an e-mail from Verizon today saying they were putting me on paperless billing.  I gave them a call and told them if they want to get paid they better keep on sending the paper bill.  Paperless billing is NOT for me.

Jan 02, 2017 04:22 PM #5
Rainmaker
1,727,219
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I worked several years at a software development company.  We wrote billing software for telecom companies.  There was always the push to go paperless. However, I will never forget when the Vice President requested that I print off our software manuals to paper.

Jan 02, 2017 04:58 PM #6
Rainmaker
2,247,957
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

Agreed...not all people work well with this system...and not all systems work...

IF our credit union asks me one more time if I have changed computers and need to go thru some nonsense procedure again....we may be going elsewhere !

Jan 03, 2017 05:10 AM #7
Rainmaker
3,230,060
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I love the post. I will bookmark it and share with others.

Jan 03, 2017 06:18 AM #8
Rainmaker
3,583,174
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Consumers need to pay close attention to paperless billing to make sure their payments are made on time.

Jan 03, 2017 04:57 PM #9
Rainmaker
502,597
MaryKay Shumway, Door County
The Kellstrom Ray Agency, Inc. (Est. 1948) - Sister Bay, WI
Door County Wisconsin's Real Estate Expert

I need a paper bill, Gene. I love the convenience of having my car payment, mortgage, etc. come out of my account because those are fixed, but the other miscellaneous items--please send them in the mail!

 

Jan 06, 2017 08:19 AM #10
Rainmaker
1,057,288
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Gene - I love to pay online but I sill like to get my paper bills as a reminder.

Jan 07, 2017 05:34 PM #11
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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