Most consumers believe that being a little late in paying a bill is ok as long as they got the money. The creditors and the credit bureaus don’t agree since a 30-day late pay can lower your score by 80 points. That reality exposes a big myth. After all, a collection or repossession causes you to lose approximately 100 points, but this is far more severe than a 30-day late. The difference behind the derogatory is huge. So you would think you won’t be penalized as much. Depending on which credit scoring model you fall into it can determine how much these negative actions affect your score. The impact is not necessarily the same for everyone as each profile is different. To make sure you’re protected, be on time!!
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