Late or Missed Payments

Late payments can happen to anyone. Luckily, there are several ways to potentially remove negative items from your credit reports.


When are late payments reported?

Creditors usually report late payments to the credit bureaus once you’ve been 30 days late or more on an account. Typically, the later you are on your payment, the more it will negatively impact your credit score.

How late payments affect your credit score

While the exact point drop will vary from person to person, late payments can significantly hurt a borrower's credit. Those with higher credit are more likely to be affected worse than those with lower credit, and missing multiple payments in one month will typically have an even greater impact on someone’s credit.

How long late payments stay on your credit report

Late payments can stay on your credit report for up to seven years and can negatively impact your credit score as long as they remain on your credit report. That’s seven years of struggling to get new credit or facing higher interest rates.


However, remember that there are things that you can do to potentially get late payments removed from your credit report.

Will paying off my debt remove a late payment from my credit report?

Paying off your debt is an option to consider if your lender or collection agencies won’t negotiate with you otherwise. However, simply paying off the debt won’t remove it from your credit report.


It can legally remain on your credit report for up to seven years.That being said, it’s better to have a debt reported as “paid” instead of as a “charge-off.” Having a charge-off mark in your credit history is a signal that you are a high risk to lenders and can make it difficult to apply for new credit accounts in the future.

Get help addressing late payments

To make this process easier, you can work with a credit repair organization that will help you address inaccuracies on your credit reports. The credit repair consultants at Slate Credit Repair have the knowledge and, most importantly, the time available to help you through the credit repair process from beginning to end.