What Is a Slow Pay on a Credit Report?

A slow pay is when you pay on one of your credit accounts later than the due date. Payments reaching a certain number of days late will appear on your credit report.

Significance

Creditors will report your account as a slow pay when you are 30 or more days late. Payments made late but less than 30 days late can only be viewed internally by the creditor; they don't appear on your credit file.

Considerations

According to CreditCards.com, a payment which is 30 days late can lower a credit score of 680 by 60 to 80 points. A credit score of 780 can be decreased anywhere from 90 to 110 points.

Effects

Credit scores are used by lenders to determine your level of risk. Scores range from 300 to 850. The higher your score, the better chance you have of receiving credit products with favorable terms.

Warning

The later your payments are, the more it hurts your credit score. A payment which is 60 days past due will have a significant impact on your score.

Time Frame

According to Experian.com, payments which are late by 30 to 180 days can remain on your credit file for seven years.

References

• Creditcards.com: FICO reveals how common credit mistakes affect scores
• Experian.com: Deleting information