No, late payments aren't the same as missed payments or arrears. Here’s a breakdown of what each one means:
Late payment: When you pay your bill after the due date. It’ll be recorded on your credit file as a ‘late payment’.
Missed payment: When you haven’t paid the bill yet. Missed payments can become ‘defaults’ or defaulted payments if you miss more than one payment.
Arrears: When you owe money. For example, your account will be ‘in arrears’ of the amount of money you owe.