What does 30, 60, 90, or 120 Days Late on a Credit Report Mean?
A late payment to a creditor should not automatically result in a late or missed payment appearing on your credit report.
As explained by credit guru John Ulzheimer:
One of the common mistakes people make when discussing the topic of “late payments” is that lenders can report their customers as being “late” or “past due” even if they’re just one day late. This is incorrect and has been incorrect for decades. The credit reporting agencies have long had a uniform policy that they will only accept late payments once the consumer is a full 30 days past the due date. This policy is communicated via the Credit Reporting Resource Guide (CRRG), which is the reporting standards’ guide published each year by the Consumer Data Industry Association, the trade association of the credit reporting agencies.
To be clear, according to the CRRG:
- A payment status of 30-days late means that payment is between 30-59 days past the payment due date.
- A payment status of 60-days late means that payment is between 60-89 days past the payment due date.
- A payment status of 90-days late means that payment is between 90-119 days past the payment due date.
- And a payment status of 120+ days late means that payment 120 days or more past the payment due date.
So, just because you are late on making a payment does not mean that a late payment should appear on your credit report. This is important because we have discovered that many furnishers either do not understand this basic principal or ignore it. Especially with mortgages and vehicle loans, we have found that furnishers will mark an account as 30-days late whenever a payment is missed in particular month, even if payment was made within 30 days of the payment due date. This results in accurate and derogatory information appearing on your credit report.