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Interview - Rick Leo, President  
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Late Payments are never a decent thing. Your payment history makes up a noteworthy share of your general FICO rating. As indicated by the authority FICO site, history records represent about 35% of an aggregate FICO assessment. The more reprobate your delinquencies are, the higher its impact is on your FICO rating.

Making a late payment on your charge card, home loan, or advance can prompt a few negative outcomes that can ultimately sink your FICO rating and harm your credit health. Whether you are only three days late or 30 days late, not paying your bills on time will impact you for months and possibly years to come.

Banks and credit backers consider installment or payment history a pointer of danger when choosing whether or not to favor you for credit. A long-standing history of on-time installments proposes that you are a mindful and dependable borrower; a poor history of on-time installments recommends that you may not reimburse your obligations and could bring about an expensive misfortune to the bank or guarantor.

Being untrustworthy with installments is a warning to budgetary establishments, and a few things can happen when you pay late.

You will be charged a late expense as high as $35.

Your interest rates may climb immediately.

Your credit report will reflect if your payments are more than 30 days late.

It will diminish your credit scores.

Paying late is a risky credit propensity that could promptly lead in harming your credit activities, for example, ignoring a record until it becomes delinquent or forwarded to collections.

A record in collection will stay on your credit report for seven years and cause considerably more harm than a late payment.