Credit reports definitely do reflect all late payments, including mortgage payments, and these late payments do reduce your credit score. Exactly how much each late payment deducts from your credit score is calculated by complex formulas determined by each credit reporting bureau, but the number is largely based on your current credit score and how late the payment is.
30 Days Late
Back in late 2009, FICO released some specific information about how specific events impact credit scores. For a person with a credit score of 780, a 30 day late mortgage payment would result in a 85 to 110 point reduction in their credit score, but for a person with a 680 score, a 30 day late payment would result in a 60 to 80 point reduction.
MoreThan 30 Days Late
The exact amount a 60 or 90 day late payment reduces your credit score versus the reductions caused by a 30 day late payment is not known, but it is known that the more delinquent you get on your payments, the lower your credit score. Some sources report that at least one credit bureau is calling loans greater than 90 days late in "default," which can stay on your credit record for up to seven years. Most mortgage contracts specify that default occurs and foreclosure can begin when payment is either more than 90 or more than 120 days late.
Credit Payment History Is 35 Percent of Credit History
Keep in mind that your credit payment history generally only counts for about 35 percent of your credit score, so while late payments can significantly damage your credit score, a couple of late payments are not going to "ruin" your credit score. Many other factors, like amount owed, length of credit history, and types of credit used, are all part of your total credit score.
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