## When Does a Mortgage Company Report Late Payment?
When you miss a mortgage payment, it’s important to know when the mortgage company will report it to the credit bureaus. This information can help you minimize the damage to your credit score.
### How Late Is Late?
Mortgage companies typically consider a payment to be late if it is not received by the due date. The due date is usually the 1st of the month, but it can vary depending on the lender.
If you make a payment late, the mortgage company will typically give you a grace period of 10 to 15 days before reporting it to the credit bureaus. This grace period gives you time to catch up on your payment without damaging your credit.
### When Will the Mortgage Company Report Late Payment?
If you do not make your payment within the grace period, the mortgage company will report the late payment to the credit bureaus. The date that the late payment is reported will vary depending on the lender’s reporting schedule.
Most mortgage companies report late payments to the credit bureaus once a month. The reporting date is usually the same day each month, but it can vary.
For example, if your mortgage payment is due on the 1st of the month and you do not make the payment by the 15th, the mortgage company may report the late payment to the credit bureaus on the 20th of the month.
### How Long Does a Late Payment Stay on Your Credit Report?
A late payment will stay on your credit report for seven years. However, the impact of the late payment on your credit score will diminish over time.
### What to Do if You Miss a Mortgage Payment
If you miss a mortgage payment, it is important to contact your lender immediately. The lender may be able to help you avoid foreclosure and damage to your credit score.
Here are some tips for dealing with a missed mortgage payment:
* **Call your lender as soon as possible.** The sooner you contact your lender, the more likely you are to be able to work out a payment plan.
* **Explain your situation.** Be honest with your lender about why you missed your payment. The lender may be more understanding if you have a good reason.
* **Be prepared to make a payment.** When you call your lender, be prepared to make a payment. This will show the lender that you are serious about catching up on your mortgage.
* **Follow the lender’s instructions.** The lender will tell you what you need to do to catch up on your mortgage. Be sure to follow the lender’s instructions carefully.
### How to Avoid Late Mortgage Payments
The best way to avoid late mortgage payments is to make sure you have a budget and you are able to afford your mortgage payments. Here are some tips for avoiding late mortgage payments:
* **Create a budget.** A budget will help you track your income and expenses. This will help you make sure you have enough money to cover your mortgage payments.
* **Set up automatic payments.** Automatic payments can help you avoid late payments by automatically withdrawing the payment from your bank account on the due date.
* **Build up an emergency fund.** An emergency fund can help you cover unexpected expenses, such as a job loss or a medical emergency. This will help you avoid having to miss a mortgage payment if you experience a financial hardship.
### Conclusion
Missing a mortgage payment can have a negative impact on your credit score. However, by understanding when the mortgage company will report late payment, you can minimize the damage to your credit. If you miss a mortgage payment, it is important to contact your lender immediately and follow their instructions.