@Anonymous wrote:
Hello!
I have a late payment from January 2014 reporting to my credit report. I believe it is not accurate, but have contacted the creditor about it, submitted disputes and everytime the accounts have come back as accurate. It is a student loan account in which I make one monthly payment to Federal Loan Servicing, but is actually three accounts with them, so on my credit report it is showing I have 3 missed payments in January of 2014.
My question to you guys is when that late payment hits 12 months old, will I see a small increase in my score, due to the aging of that account and the steady on time payments since then. This is my only missed payment and only negative mark on my report.
Generally, does the late payment have less an effect with the longer it is on there? I.E. at 12 months you'll see an increase to your score, 24 months, 36 months and so on?
This is an isolated incident and to my understanding isolated incidents are supposed to carry less weight with FICO scoring. This late is hurting me be 100 points.
Any information on this would be greatly appreciated!!
Thank you
There is no hard and fast rule about how long any negative will affect your scores but the recency of any negative item is one of the most heavily weighted factors within the most heavily weighted category of scoring — payment history — amounting to 35 percent of your score. The longer the time since the negative the less impact it will have, and the higher your score will go.
Anecdotal stories make it seem that a single 30 day late will lose much of it's steam after 12-24 months but since everyone's credit pofile is different it's difficult to predict the amount of possible gain in points at any time frame.
You say it dropped your score 100 points? That is very unusual for a single 30 day late.It could be because there are three new lates reporting all at once.
May I ask where you pulled your score(s)?
