Missed Payment Can Drag Your Credit Score Down

Sept 15, 2022

If you're having trouble paying your credit card bills on time due to a job loss or furlough, or if you just missed the due date by accident, you probably want to know when a late payment will appear on your credit report and whether there is any sort of grace period. Here is everything you need to understand about how missed payments affect your credit, according to experts that offer credit repair services in Texas.


The simple answer is this: Even one missed or late payment may harm your credit score. However, you can take comfort in the fact that a majority of late payments do not appear on credit reports for at least 30 days after the date you missed the payment. That said, you may still be charged penalty fees.

Lenders and creditors may not report a late payment to the credit bureaus if you're only a few days or a few weeks late on your payments and make the complete late payment before the 30-day period has elapsed. However, if you can't make the full payment but can only pay part of it, it will generally be treated as late.

What to do if you're behind on payments by more than 30 days


It's not good to be 30 days late, but it's not the worst thing in the world. The sooner you update your account, the less damage it will do to your credit score. You may attempt to write a goodwill letter asking for the negative mark on your credit report to be removed once your account is current.

What to do if the late payment record is an error


There are times when credit reports may contain errors. If you notice incorrect information, such as a payment marked late when it was not, dispute the error with the credit bureau or the creditor to have it removed. Credit repair services in Texas can assist you with this.


Getting professional help

A company that offers credit repair services in Texas can help you rebuild your credit score and give control of your financial life back to you. Not only is a good score crucial for getting better interest rates, but it is also important for things like renting an apartment, getting a job, and feeling good about your financial future.