Late Payments

Late Payments make a huge impact to your credit score. You see?, the credit bureau divides our credit report into 5 sections.

  • Personal information. Name, date of birth, all addresses ever used, social security, etc
  • Public Records. Tax liens, Bankruptcies, Judgments, Foreclosures and Tax Liens
  • Positive accounts: Accounts paid on time
  • Negative accounts: Accounts paid late, Charged Off, Written Off, in collections, repossessions, medical collections, etc.

A payment is considered late when you pay your bills after 30 days of the due date. Many people are not aware of how much one late payment can affect their credit history and score. The sad thing about it is that even if you only paid late once, the account automatically gets transferred from the Positive section of your credit report to the Negative account section of your credit report and to make it worse, even if you pay it on time again, it will stay reported under the negative section for 7 years from the date of the late payment and only after seven years have passed, the account will be transferred again to the Positive accounts section of your credit report. Our advise to you is whatever you do, always make sure you pay your reported accounts on time, once you realize how important it is to have good credit, you will appreciate this knowledge.

Do not give up if you have bad credit, there is always hope, laws were created by men and men are not perfect, there’s always a loophole, we know them all. Call or text us today! 954-295-7105. Next year you will have wished you had started this Year.