string of 4 120 lates

[alberta80]

Would a string of 4 120 day lates on a single student loan account be equal to the scoring deduction of one collection. Or would would each 120 late count as a collection so 4

 thanks in advance

[pizzadude]

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@alberta80 wrote:

Would a string of 4 120 day lates on a single student loan account be equal to the scoring deduction of one collection. Or would would each 120 late count as a collection so 4

 thanks in advance

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In terms of the FICO scoring damage, both a collection and a 120 late are major derogatories and will severly impact your score.  

We don't know the specifics of how FICO scores one versus the other, but they are both very significant.

Having multiple collections or 120 lates will hurt your FICO score but not necessarily in a proportional manner;  each additional one generally won't hurt your score as significantly as the first.