How Missing Payments Affect Your Credit

Credit score concept. businessman pulling scale changing credit information from poor to good, excellent. Payment history data meter. Vector illustration in flat style.

Missing loan payments can affect your credit in many ways. Here is the process of how late payments work:

Late payments are reported on day 30, 60, 90, 120, 150, and 180, which are negative marks on your credit score. At this point, the account is charged off. A charge-off is another new negative mark on your credit.

Once a collections agency is notified that creates a new mark.

All these negative marks can remain on your credit report and negatively affect your credit for 7 years.

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