how long does a late payment stay on your credit report?

Answer 1

they renew records every 7 years.

Answer 2

Most companies only look at your payment history over the last 24 months.

Keep in mind that being late is not the same as a late payment being reported to a credit agency. For example if you make your car payment a couple of weeks late, that is not going to be reported. If your car payment is later than 30 days, it may get reported. If you get two payments behind you are certainly going to get reported.

You might want to contact your lender and check if they have reported it, and ask them not to.

Answer 3

Da Man has it right. It's 7 years! It's no myth, it's federal law!
Arm yourself with knowledge, read up on the Fair Debt Collection Act and the Fair Credit Reporting Act (esp. Section 605).
And to Snafu, felony convictions, foreclosure, divorce, tax liens, bankruptcy and judgments can go into your Public Record section of your credit report. Late payments are nobody else's business but yours and the original/potential creditor.

Answer 4

technically and by the book it is not late until after 30 days. that shows on your credit for as long as that account is open or active. Once you close the account it will still show for some time. I did not pay close attention the closed accounts so I cannot give a more specific answer. If you know anyone that is a loan officer in bank or is amortgage broker with some experience those would be the best people to inform you properly on what i did not know.

Answer 5

7 years!

According to section 605 of the Fair Credit Reporting Act.

Answer 6

Any overdue fee is reported as a detrimental on your credit report for seven years, regardless of if the very next fee thoroughly will pay-off the debt. if so, the overdue fee will teach as being your maximum present fee, regardless of if it exceeded off quite a few years interior the previous. consequently, do no longer make the errors of following a overdue fee with an entire pay-off (which includes the sale of a mortgaged living house). To re-set up good credit, a overdue fee must be accompanied via a protracted and stable historic previous of standard on-time money, until eventually the overdue fee is elderly off the credit report.

Answer 7

Probably 7 years but you can allways dispute with the Credit reporting agencies as "paid on time". They corrected all my lates and made them "pays as agreed"

Answer 8

If it's your first time, it may not even get reported to the credit bureau, depends on the creditor. Ask your creditor if they are reporting it. Ask Equifax, a credit bureau, how long it stays on.

Answer 9

Yup 7 years unfortunately. If it is one late payment they will hopefully see that you were not late on any of the other payments. Everyone makes mistakes.

Answer 10

Forever!!! actually i think they keep it for 20 years even though they won't admit it. however, a late payment isn't so bad unless you have a lot of them... oh and yes, 20 years, because it goes into the sub catagories like public records and they have you by the hair...

the favorite myth is seven years, but like i said, most people don't know their tricks that they hide from the population, like using sub bureaus, and public records... but that can be turned on them by accessing the public records and demand they show other stuff like rent payments, employee loans, regular bill payments that are always made on time, like electricty, gas, water, and so forth... you gotta bite back.

Answer 11

depends on your card/loan etc...some only report the past 3 years