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How Long Do Late Payments Stay on Credit Reports

Written by Jasir Jawaid

Whether you had to put money toward an unexpected expense or it just fell through the cracks amid so many other bills, late payment can occur for any reason. As a result, not only will you be penalized in the form of late fees, the creditor may also report the missed payment to credit bureaus which will affect your credit score.

A FICO score of between 300 to 579 or VantageScore range of 300 to 600 is considered a bad credit score, and this can affect you in a number of ways. For one, you might be seen by financial institutions as someone with a greater level of default risk. This can make it harder for you to borrow, whether it's a car loan, mortgage or credit card. And if you do qualify, you will be charged a higher interest rate. Your insurance premiums could potentially increase, and bad credit may affect your retirement plans as well.

There are a few moving parts to how long a late payment will stay on your credit file, but it'll stay there typically for seven years.

This article was published on JoyWallet and can be read here in full.


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