does a late payment damage credit rating?

carslet · 3 June 2013 at 4:25PM

does a late payment of one day damage your credit rating, A friend has told me that she did not have the required funds when the direct debit was due to come out, (for whatever reason) but then put the money in and called them, to explain and pay it.

as it was only one day late how much damage will it do to her credit rating. surely it will not be on for the 6 years unless totally missed.

[Deleted User] · 3 June 2013 at 4:27PM

It is appears, then it is on there for the full 6 years.

But check to see if it is. If the payment is immeidately corrected, then chances are it will not have ben reported.

bengalknights · 3 June 2013 at 6:41PM

Yes it will as it will appear for 6 years however as time passes it will matter less and less

[Deleted User] · 3 June 2013 at 9:29PM

carslet wrote: »

does a late payment of one day damage your credit rating, A friend has told me that she did not have the required funds when the direct debit was due to come out, (for whatever reason) but then put the money in and called them, to explain and pay it.

as it was only one day late how much damage will it do to her credit rating. surely it will not be on for the 6 years unless totally missed.

Unfortunately late is late, irrespective if it is one day or two weeks - the CRAs don't have a sliding scale. As has already been said, however, if she corrected it quickly then they may not bother reporting it.

Percy1983 · 4 June 2013 at 12:32AM

As mentioned it may not get reported, if it does it there for 6 years.

With that a single late payment shouldn't effect anything too much.

carslet · 4 June 2013 at 8:30AM

thanks for all your replies, I will ask her today what the outcome was. see if they will let it pass by and may not report it.

Thrugelmir · 4 June 2013 at 12:46PM

carslet wrote: »

as it was only one day late how much damage will it do to her credit rating. surely it will not be on for the 6 years unless totally missed.

Won't be a day late as the Direct Debt would have been rejected as unpaid.

Quickest way of resolving the issue is for your friend to make a direct payment.

Ktaylor86 · 4 June 2013 at 7:45PM

I wouldn't have thought this wouldn't effect the credit rating.

As it is only a day late wouldn't have thought it would show as missed, thought it was when the payment hasn't been made by the next billing date.

I've definitely missed a payment before by a day and it hasn't affected anything. But I suspect it depends on the lender.

Also I recently learned that most lenders take 4-6 weeks to update credit reference agencies so by the time updated all payments will show as ok.

does a late payment damage credit rating?

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