When do late payments stop aging?

[dragontears]

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@Anonymous1899 wrote:

Hi everyone.  I was wondering when late payments are supposed to stop aging.  I had a payment that was due to Verizon on October 12, 2018. From what I understand, this would be considered a 30 day late as of Oct 13, 2018.  Verizon closed the account on November 11, 2018.  They zero'd it out December 2018, but continued to bill me until It was sent to their internal collection dept Jan 201. It was reported to the bureaus Feb 2019, at which point I paid it in full.  

So my question is this. At what point does this 30 day late stop aging? Does it become a 60 day late even though Verizon closed the account prior to it actually being 60 days late? Or does it stop aging after the balance is "written off" and sent to collection?  I say "written off" because there were two bills generated in Dec 2018.  0ne showing $0 balance for their records and one showing the actual balance sent to me.

If not when the account is closed, does it stop aging when it is sent to collection, or reported to the bureaus or paid in full?  I ask because it was reported as 120+ days late which is worse scoring wise than 30 days late.  I know it's been several years, but I am curious.

Thank you for any answers you have.

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I am not understanding your terminology/question 

A late "stops aging" when it falls off your report. Every month that passes increases the "age" of the late by 1 month. A 30 day followed by 60, 90, etc. doesn't change the "age" of the first late payment.

Are you asking about when the DOFD is set?

[Brian_Earl_Spilner]

It stays a 30 day and starts to lose strength around the 2 year mark. It will always be a factor until it rolls off or the account is removed.

[dragontears]

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@Anonymous1899 wrote:

Sorry if it is confusing. Does a 30 day late advance to 60 days late after the account is closed or written off or does it freeze at 30 days late for reporting purposes?

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The 30 day should stay and a 60 day is added, then 90, etc until the account is charged off. Lenders have the choice between reporting a #Of days late or a CO.

Just because an account goes to CO or collection doesn't remove the previous late payments. 

In addition, some lenders don't start reporting lates until they are X late, such as student loans typically don't report a late until it is 90 days.

[dragontears]

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@Anonymous1899 wrote:

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@dragontears wrote:

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@Anonymous1899 wrote:

Sorry if it is confusing. Does a 30 day late advance to 60 days late after the account is closed or written off or does it freeze at 30 days late for reporting purposes?

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The 30 day should stay and a 60 day is added, then 90, etc until the account is charged off. Lenders have the choice between reporting a #Of days late or a CO.

Just because an account goes to CO or collection doesn't remove the previous late payments. 

In addition, some lenders don't start reporting lates until they are X late, such as student loans typically don't report a late until it is 90 days.

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Okay. So even though the account was closed in November, the account accumulates lates until they write the balance off.  Just wanted to make sure it was reported correctly.  I appreciate your help and quick responses.

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Correct, closure of an account doesn't prevent the account from becoming more delinquent for lack of payment; closure just prevents new charges being made by you (fees and interest can still be added depending upon the T&C of the OC)

[FireMedic1]

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@Anonymous1899 wrote:

Hi everyone.  I was wondering when late payments are supposed to stop aging.  I had a payment that was due to Verizon on October 12, 2018. From what I understand, this would be considered a 30 day late as of Oct 13, 2018.  Verizon closed the account on November 11, 2018.  They zero'd it out December 2018, but continued to bill me until It was sent to their internal collection dept Jan 201. It was reported to the bureaus Feb 2019, at which point I paid it in full.  

So my question is this. At what point does this 30 day late stop aging? Does it become a 60 day late even though Verizon closed the account prior to it actually being 60 days late? Or does it stop aging after the balance is "written off" and sent to collection?  I say "written off" because there were two bills generated in Dec 2018.  0ne showing $0 balance for their records and one showing the actual balance sent to me.

If not when the account is closed, does it stop aging when it is sent to collection, or reported to the bureaus or paid in full?  I ask because it was reported as 120+ days late which is worse scoring wise than 30 days late.  I know it's been several years, but I am curious.

Thank you for any answers you have.

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For it to be charged off or written off. They probably followed the 30, 60, 90, 120, and then written off/CO pattern. You need to pull your real credit reports from annualcreditreports and see what the DoFD is. Or the first 30 day late that led to the CO status. You'll probably will see the string of lates. And it will say a fall off date from your reports. But paid in full. The ding for the CO will stay for 7yrs. Which is worse than 120 days late.