LAte payment hurts credit report

Ever made a late payment on a bill? Maybe forgot about your credit card bill? Or have you ever been a few weeks late on your car note when money got tight? Are you looking now at a big purchase that’s going to require credit and you’re wondering how that late payment is going to look?

The Equifax Finance blog answers these questions and more in the recent post “

FAQ: How Long Do Late Payments Stay On My Credit Report.”

The article explains that positive information (like early payments and on-time payments) can stay on your credit report forever; but negative information (like that late payment) could stick around for seven years. Bankruptcies will generally stay for 10 years.

If you are concerned about what may be in your credit report, the Equifax experts recommend checking your credit report. This will tell you what you need to know about your credit now and where you will stand in terms of getting new credit; and will be starting board for building or repairing your credit, if necessary.

Check out the Equifax Finance blog to get more answers to your credit questions, and other topics like finance,

identity theft insurance, real estate, taxes and more.