• Recent Late Payments or Recency

    Recent Late Payments or Recency

    January 25, 2009

    This is a somewhat confusing word: Recency. It just refers to how recent you paid late on an account. The more recent it is, the more negative effect it carries. For example, if a payment was late in the last six months it will hurt more than a late payment from three years ago.

    The worse possible is a recent 90 day or more late payment. 90 days late is often considered a serious delinquency and carries a larger negative effect. As time passes the effect can diminish but will always carry some negative effects. These need to avoided at all costs.

    It is a wise decision when applying for a loan to check your credit report for late payments. If you think there is error of late payment that was truly paid, you have the right to dispute it. If you are right, it will be removed, having the effect of a quick boost to your credit score. This will then help your loan application get approved and possibly get a better interest rate on the loan.

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