TheTopScore.com | Late Payments

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Late Payments:

OUR SOLUTION:

• Remove these negative marks from the creditor and/or third party records along with credit bureau files, resulting in a complete and permanent resolution.

EXTRA INFO:

• If your payment is due on the 1st, and you are 20 days late, this would not get reported to the credit bureaus and should not affect your score. Although it will get recorded on the creditor’s internal records and affect your interest rate and relationship with them in addition to excessive late fee penalties.

TIP:

• The credit rating of someone with great credit (700-850) will be affected less significantly by a rare 30 day late payment than of someone who has consistent lates and derogatory marks and is already on the low side of (450-680). A person who is consistently on time and has a proven track record along with more positive accounts which out weight the one rare negative mark.

Late Payments:

A late payment is reported by the creditor to the Credit Bureaus when you are 30 or more days late.

There are 5 ways a bureau may record a late payment: 30, 60, 90, 120, & 190 day lates. The longer the late the worse the impact on your credit score. Each month’s lateness will count as new late mark affecting your score negatively each time.

Payment history is the most important factor when it comes to a good credit score.

SCORE IMPACT RATING:
MAXIMUM DAMAGE

EFFECT: NEGATIVE

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