Have you ever stressed over a late payment for a credit card or a loan? Most people that are a few days late are instantly worried that it’s going to go directly on their credit report making it nearly impossible to get extended credit ever again. I promise that after reading this article you will have a little bit better understanding of how credit reporting actually works for late payments. There are some time lines you should be aware of to truly understand the effects and why or why not you should be worrying.

While the late payments DO adversely affect your credit, a late payment of 10 days or less will normally not have any penalty whatsoever. Generally, financial institutions have a 10 day grace period where no late payment fee’s will be assessed. Beyond the 10 days you will normally receive some sort of fee, yet still there is no reporting to the credit agencies. The normal amount of time is 30 days of being late when you will have it show up on your credit report.

These normally show up on your credit report as a one time late payment. The time lines go in the following order:

30 days late

60 days late

90 days late

As you can see, they are reported every 30 days. While this is normally the case, it’s always wise to consult your credit card company or your bank whom you have the loan through to be fully aware of their particular policies that they have set in place. It’s not as bad as you thought right?

If you want the little known secrets to raising your credit score and want to learn how to get a free credit report today, visit http://online-credit-report.info for the best kept secrets you are missing out on!

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