30 day and 60 day late payments
Q: I am told that 30 day lates do not count after 2 years. What about 60 day lates?
A: 30 day late payments count until they drop of your credit report, and that is after 7 years. They do count less after 2 years and their influence fades away significantly as time goes by. If you have more than one 30 day late payment, I believe they do not fade away that fast.
60 day late payment is considered as serious delinquency. After 2 years, a 60 day late payment is no longer considered as such but is assigned the weight of a 30 day late. It is still bad to have on your credit report even with the scores not suffering that much anymore.
Thu Oct 15, 2009 10:10AM by Tony | More in Credit Repair | Comments (0)
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