If you are wondering how long will a late payment account will stay on your credit report then keep reading because I will explain the length of time they remain on reports and other aspects of paying your bills late and your FICO scores.
Past due payments are widely misunderstood in today's world and to make matters worse not all late payments are the same and each type will affect your FICO score much differently.
Types Of Late Payments and How They Affect You
A Few Days Late – This will not have much of an effect on your credit scores and the only problems it will cause for you is that the lender may charge you fees, increase your interest rates or cancel the account but your scores will not be affected and the activity will not be reported.
Over 30 Days Late – Once your payment gets over 30 days late it will report to the three major credit bureaus and leave a negative mark on your report. On average it will also drop your score 50-75 points and if you extend it out to 60 days late your scores will drop further. You will also incur the penalties that the lender will assess to you that were mentioned above.
How Long Will Past Due Activity Remain On Credit Reports
Like any financial records both good and bad any past due payments will remain on your report for seven years. However if you take some steps and do self credit repair you have a great chance of getting them permanently removed much sooner then the normal seven years!