And it can still show up on your credit report.

Depending upon your lender and oftentimes depending upon your past history even a barely late payment can show up on your credit report, bringing your credit score down as much as 60 to 100 points.

There is a myth out there that a payment must be 30 days late in order to be reported but reporting is always at the discretion of the lender and if they choose to do so they can report you late when you are even just a day late. And the really unfortunate thing about that is that anything from 1 to 30 days late is considered 30 days late (yes, I know, doesn’t even seem fair at all!) and anything from 30 to 60 days late is considered 60 days late (again, doesn’t seem fair at all).

However, you may get away without having it reported on your credit. Your lender may decide not to report. They may have a policy not to report until it is really 30 days late or at least until it is out of any “grace’ period. Or they may consider your past history and if you have never been late before they could decide not to ruin your credit for an anomaly. But if you are consistently a day or two or three late they are more likely to report it.

But even if you get away with a payment that is a day or two late by not getting it reported on your credit report, you will not get away without a late fee. The late fee will be assessed no matter what, one day, one hour, one minute late, and you will be charged a late fee. The credit card companies especially will not let that slide by because they have to keep up their profits.

see Even Barely Late

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Experian and Creditcards.com will co-host a live, interactive, online town-hall discussion of credit reporting and scoring on Thursday, May 6 2010 at 2 pm Eastern time.

Consumers can participate by submitting questions, viewing the live streaming video and responding to real-time polls.

Event date: May 6, 2010, at 2 p.m. Eastern time
Event location: http://www.creditcards.com/AskExperian

For further info see the press release at PRNewswire.

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A lot of people think there is just one credit bureau, However there is three credit bureaus. They are Equifax, Transunion and Experian and I have listed all of their contact information below.

Equifax Credit Information Services, Inc
Address: P.O. Box 740241
Atlanta, GA 30374
Telephone: 1_888_766_0008
Online: www.equifax.com

TransUnion LLC Consumer Disclosure Center
Address: P.O. Box 1000
Chester, PA 19022
Telephone: 1_800_888_4213
Online: www.tuc.com

Experian National Consumer Assistance Center
Address: PO Box 2002
Allen, TX 75013
Telephone: 1_888_397_3742
Online: www.experian.com

You will need this information to start the credit repair proccess.

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