{"id":57306,"date":"2023-07-26T14:06:25","date_gmt":"2023-07-26T06:06:25","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=57306"},"modified":"2024-02-02T14:05:53","modified_gmt":"2024-02-02T06:05:53","slug":"missing-credit-payment","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/missing-credit-payment","title":{"rendered":"How Long Do Late Credit Card Payments Stay On Record?"},"content":{"rendered":"

It is always advisable for you to pay your credit card debts on time. However, there might come a time where you may just end up missing your payment, be it due to a lack of funds, poor timing, or simple forgetfulness.\u00a0<\/span><\/p>\n

You can still make a late payment on your card with some extra interest. Unfortunately, a late payment may land you a black mark on your credit report.<\/span><\/p>\n

Your credit report is a very important record that summarises your credit history, including the types of credit accounts you’ve had, your payment history and certain other information such as your credit limits.<\/span><\/p>\n

\u00a0It is a key part of what makes up your credit score and plays a huge factor as to whether or not financial trusts you enough to approve your loans or credit cards.<\/span><\/p>\n

As such you will want to avoid any blemish on your record as much as possible. However, if you happen to miss a credit card payment and end up with a late payment record, how long will the issue stay on your report?<\/span><\/p>\n

<\/span>How long does a late payment stay on the credit report?<\/b><\/span><\/h2>\n

As a general rule of thumb, late payments will typically remain on your credit report for at least <\/span>24 months<\/span><\/a> with <\/span>CTOS<\/span><\/a> and <\/span>12 months<\/span><\/a> for <\/span>CCRIS<\/span><\/a>. For example, if you had a late payment in January 2021 and brought your account to current in May 2021, then the late payment will be removed from your credit report no earlier than January 2023. Most banks have their own internal guides but it\u2019s good to know the general rule of thumb.<\/span><\/p>\n

In Malaysia, the Central Credit Reference Information System (CCRIS) is one of the key references for all your credit\/loans with the bank. The bank will use this CCRIS report to evaluate or assess your loan eligibility. The CCRIS report grants you access to view your payment records with the bank and allows you to check if you have any late payments on record.<\/span><\/p>\n

<\/span>How late payments affect your credit score<\/b><\/span><\/h2>\n

A late payment on your record can have a huge impact on your credit score, but in general, it is always negative. The severity of the issue can vary depending on the person\u2019s profile and the reason for the late payment. CCRIS has a rather intuitive approach to keeping track of late payments.<\/span><\/p>\n