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Credit Report I See vs. CR Lenders See

Date: Thu, 03/02/2006 - 14:15
Submitted by on Thu, 03/02/2006 - 14:15
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For anyone knowledgable about credit reports; We have an RV loan taken out about 6 years ago. It is a 7 year loan. Four years ago in July we got behind on one month's payment (only late payment in loan) and we were 30 days late. It was reported to the CBs, but since then we have never missed a payment. On the TransUnion report I got myself, it was reported as an "adverse" item (hopefully people are familiar with TU's reports) and the report shows the ONE late payment. However on my report it only shows the last 48 payment history, so after July I am assuming it will not show this late payment in the payment history. My question is: Will this continue to be a negitive mark on my credit report? Will the report the lenders see show that this is a negitive mark? Will my score (even ever so slightly) go up after 4 years of making on time payments? I know I should ALWAYS make payments on time, but I would think that during 84 payments and only one late (due to medical bills) payment, it shouldn't hurt that bad. Or, OUCH, am I way off, and this will continue to haunt me the rest of my days? Does one late payment of 30 days stay on my report for 7 years?


I was also wondering that and was thinking of asking the same question. I have a credit card account that I was one month late on , the same situation as you. On my Transunion report, it also is reported in the adverse items section. That sucks! The rest of my payments have been on time. Can anybody help with this question?

~Mary :)


Submitted by Mary on Thu, 03/02/2006 - 14:26

Mary

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MllSmth,

If negative information enters your credit report, it stays there for 7 years from the date it was reported. I think creditors decide the length of payment history that is to be shown in your report.

However, you are quite regular with your payments. It is true that late payments hurt credit score, but frankly speaking, 1 late payment out of 84 won't charge much toll from you. You have been on time since the last late payment occurred and you have valid reason for missing the installment. Your future creditors will definitely consider it.

Credit score is greatly influenced by on time payments. If you are punctual, your score with go up very soon, nothing to worry.


Submitted by stanley on Thu, 03/02/2006 - 14:44

stanley

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