Definition: Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.
Input: Whether it's a late car payment, credit card payment, or mortgage payment, a recent late payment can cause as much as a 90-110 point drop on your FICO score. As time goes on, the late payment will affect your credit score less and less until it drops off. However, potential creditors can still see that history as long as it's listed on your report. Late payments appear on your credit report as either being 30, 60, 90, or 120-plus days late. Each of these degrees of delinquency affects your credit score differently. The later you are, the more damage it does to your credit score. Being unreliable with payments is a red flag to financial institutions, and several things can occur when you pay late. 1 You'll usually be charged a late fee. 2 Your interest rates may rise. 3 It may end up on your credit report. 4 It might decrease your credit score. Q: If I choose to stop paying a revolving line of credit, how long will the unpaid debt remain on my credit report? A: Most accounts will stay on your credit report for seven years. However, you should make sure that you settle the account properly with your creditor. Stopping payment on your account may have a negative effect on your credit score. Written by Equifax Experts on July 17, 2012. How long does a late payment stay on my credit report? Questions like this and others related to the consequences of negative information on your credit report are some of the most frequently asked questions on the blog and on Equifax.com. Here are the answers to some of these questions, and in the coming weeks we'll answer more of them for you. just now. 1 If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a goodwill adjustment improve the better your record with the company (and the better your credit in general). You may have to pay a late fee if you're a couple days late, but the late payment won't go on your credit reports and stay there for seven years, as a more serious slip-up would. The three major credit bureaus Experian, TransUnion and Equifax allow creditors to report payments that are 30, 60 or 90 days late. After all, negative information like late payments can stay on your credit reports for up to seven years, so the first sign of a late payment on your credit reports signals years of impending credit doom, right? Actually, that isn't always the case. How Are Late Payments Affecting Your Score? Comments (256) 1 Hi Ryan, I have a Macy's card with went 30-days past and it was reported. 2 Wells fARGO WILL NEVER HELP YOU IN ANY WAY! Reply. Wells Fargo is the worst bank right behind Chase. 3 After applying for a FASFA I was denied at the very last step because of a student loan I hadn't paid on for quite sometime. You may have to pay a late fee if you're a couple days late, but the late payment won't go on your credit reports and stay there for seven years, as a more serious slip-up would. The 30-Day Time Frame Some credit card issuers can, however, increase your rate on other credit products you have with that company. 1 Your Credit Score and 6 Other Reasons to Pay Your Credit Card On Time. 2 8 Little Ways to Remember to Make Your Credit Card Payment. 3 What to Do If You Can't Make Your Minimum Payments. Query: how long before a late payment drops
Output:
A late payment drops either being 30, 60, 90, or 120-plus days late.