credit report jargon

birdsfly43

Difference between missed payment, late payment and default payment.

matttye

Missed payment = missed payment.
Late payment = late payment.
Default = the agreement has been cancelled because of numerous breaches.

The_Boss

matttye wrote: »

Missed payment = missed payment.
Late payment = late payment.
Default = the agreement has been cancelled because of numerous breaches.

Not really jargon at all, is it?

datlex

I believe with credit cards or anything you get issued a monthly statement for a late payment is paying after the due date but before the next bill is issued, a missed payment is paying after the next bill is issued. One reason to always have your account accessible on line and get it to message you if you haven't paid!

With other payments I suspect (and I'm taking an educated guess) that a late payment is any made after the due date one month but before the due date another month.

birdsfly43

How do these effect your credit report, which is worst to have on a report.

matttye

birdsfly43 wrote: »

How do these effect your credit report, which is worst to have on a report.

Most to least serious are as follows:

CCJ
Default
Arrangement to pay
Missed payment
Late payment

You can pretty much forget about getting any decent credit while you have a CCJ or default on your report.

fermi

matttye wrote: »

Most to least serious are as follows:

Bankruptcy Order/DRO
IVA/Administration order.
CCJ
Default
Arrangement to pay
Missed payment
Late payment

You can pretty much forget about getting any decent credit while you have a CCJ or default on your report.

Added some ^^^.

birdsfly43

matttye wrote: »

Most to least serious are as follows:

CCJ
Default
Arrangement to pay
Missed payment
Late payment

You can pretty much forget about getting any decent credit while you have a CCJ or default on your report.

When will late payments be removed from a credit report?

The_Boss

birdsfly43 wrote: »

When will late payments be removed from a credit report?

Up to 11 years after the late payment depending on when you close the account.

Experian report the past 5 years of repayment data (up to 60 months according to my most recent report) but not checked Equifax recently so cannot remember how long with them.

jamesd

The effect of late payments and other things decreases over time. Late payments may well not matter for most credit applications after a couple of years. Except perhaps mortgage lending or from uncommonly strict lenders. Low amounts are also likely to be regarded less seriously than high.

If most of your record is good that can also help to provide better context, particularly if there was a clear break between having trouble and more recent trouble-free state. But no negative item is still better.

There can often be a few days of grace before a payment will be reported as late. That's to allow for things like second tries at DD collection. But to know this you'd need to know the specific handling of an individual creditor.

UsetheFORCE

Late payment/Missed payment, how are they differentiated on your credit report???

Unless it is classed as missed then surely it isn't recorded at all?

I think the CRA's make it up as they go along...it is high time that things were more clearly defined!