Try to Avoid a Late Payment Appearing on Your Credit Report

Several people want to know how long it takes before a payment is considered late. Well, you have a 30 day grace period before your late payment is reported to the credit bureaus.

Hence, if your payment is due on a particular date but for one reason or the other you couldn't pay but your payment is made within 30 days after the actual payment date, then such payment will not reflect on your credit report because you paid within the 30 days. But that doesn't stop the credit card company from charging you additional interest rate for paying late.

It is when you fail to pay within the 30 days grace that your report goes to the credit bureaus and that instantly deducts marks from your score thus reducing your credit score. Usually car, departmental store credit and personal loan follow this type of credit score principle.

With time, effects of late payments will no longer reflect on your credit report. Keep in mind that any negativity on your credit report will reflect in your credit report if nothing is done about it.

In order to avoid negativity in your report, it is better you pay according to agreement but if for one reason or the other, you could not meet up, it is better you pay as soon as you can and then update your report.

You are advised to check your credit report monthly or as often as you can with the credit bureaus to ensure that an account was not mistakenly reported late.

Source by Tony Banks

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