How Long Will Late Payments Be Recorded on My Equifax, Transunion and Experian Credit Reports?

If you're asking the question; how long do late payments remain on my credit report? You need not worry it's not peculiar to you alone. This is often asked by a lot of people who like you are interested in knowing what effect it (late payments on your report) will have on their credit report and scores.

Let's say you have a credit card bill due 3rd July but you couldn't make payment till 21th July, this type of lateness will NOT reflect in your report. Before you get puzzled there's something you must note about late payments, and it's the fact that a missed payment is not reported to credit bureaus until it is more than 30 days late.

The thirty day mark works for ALL types of credit accounts and is crucial for some reasons; late payments are not reported to the credit bureaus until they reach the credit day mark, and your credit scoring formula will instantly remove points from your scores once you've passed the thirty day mark. Also keep in mind that for being late your credit card company can increase your interest rate.

Over time the effect of late payments should fade off, but you're assured that a negative entry would stay on your credit report for seven years if you do nothing about it, and will have an effect on your rating for a minimum of 3- 6 months.

The key here is to prevent accounts from going into the thirty day late status. If you cannot meet up within this period you should then get caught up as soon as possible, at least your credit report will reflect up to date status. Also check your credit report regularly to ensure that incorrect or late reports don't exist.
Now you know "how long late payments remain on your credit report".

Source by Tony Banks

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