topic Re: MyFico says that late payments remain on your credit report for only 2 years???? in General Credit Topics

MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Sun, 02 Mar 2008 00:30:37 GMT

I was just reviewing the "Credit Q&A" section of MyFico. It says that late payments remain on your report for only 2 years?? That isn't right!?!?!

How long will negative information remain on my credit report?

It depends on the type of negative information. Here's the basic breakdown of how long different types of negative information will remain on your credit report:

Late payments: 2 years
Bankruptcies: 7 years
Collections: 7 Years
Public Record: Generally 7 years, although some items may remain for up to 10 years.

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Sun, 02 Mar 2008 00:40:01 GMT

trust me.....late payments stay on longer than two years, because my lates are showing up after two years.

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Sun, 02 Mar 2008 00:42:38 GMT

That is wrong- it's 7 years-

I will send a note to the Admins to fix this-

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Sun, 02 Mar 2008 00:42:55 GMT

Exactly. But why would MyFico (supposedly the score guru) have this info on their website?? Very odd.

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Sun, 02 Mar 2008 01:58:25 GMT

To my understanding........Late payments remain on your credit report for 7 years BUT only have a GREAT IMPACT on your SCORE for 2 years........after 2 years late payments loose their sting on your score!!!!!

Re: MyFico says that late payments remain on your credit report for only 2 years????

fused — Sun, 02 Mar 2008 02:57:53 GMT

It's a typo, a bad one at that.

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Mon, 03 Mar 2008 10:40:13 GMT

Late payments, whether their record stays on your credit report for 2 years or less, usually have bad impact on your credit worthiness. So it is better to be punctual in making repayments to keep your credit history free from such negative information.

Re: MyFico says that late payments remain on your credit report for only 2 years????

MidnightVoice — Mon, 03 Mar 2008 18:30:22 GMT

Cbarbra wrote:
Late payments, whether their record stays on your credit report for 2 years or less, usually have bad impact on your credit worthiness. So it is better to be punctual in making repayments to keep your credit history free from such negative information.

I wonder if FICO 08 stops counting them after 2 years?

Re: MyFico says that late payments remain on your credit report for only 2 years????

Junejer — Mon, 03 Mar 2008 20:00:45 GMT

@MidnightVoice wrote:

@Anonymous wrote:
Late payments, whether their record stays on your credit report for 2 years or less, usually have bad impact on your credit worthiness. So it is better to be punctual in making repayments to keep your credit history free from such negative information.

I wonder if FICO 08 stops counting them after 2 years?

For those with lates, it would be nice MV.

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Mon, 03 Mar 2008 21:15:14 GMT

So the aging of late payments, i.e. when they start to hurt you less (if 2 years, or whatever it is) is based on the LAST date listed on the credit report, right?

That is, if it says 60 days last 1/08; 30 days late 12/07; but been current since 1/08 and before 12/07, the "clock" would start from 1/08, the last reported late payment, right? The further from 1/08 we got, the better, right?

And then, of course, the baddie stays on for 7 years from DOFD, which in this case is 12/07.

Is this correct?

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Mon, 03 Mar 2008 22:04:33 GMT

@Junejer wrote:

@MidnightVoice wrote:

@Anonymous wrote:
Late payments, whether their record stays on your credit report for 2 years or less, usually have bad impact on your credit worthiness. So it is better to be punctual in making repayments to keep your credit history free from such negative information.

I wonder if FICO 08 stops counting them after 2 years?

For those with lates, it would be nice MV.

That would be incredible if that were true. I do think it makes sense. It is just too easy to have a late these days. And it stays on as long as a major hit such as a Chapter 13.

Re: MyFico says that late payments remain on your credit report for only 2 years????

Anonymous — Tue, 04 Mar 2008 00:22:12 GMT

fused wrote:
It's a typo, a bad one at that.

Dang!