When does a late payment become an arrear on my Credit Record?

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When does a late payment become an arrear on my Credit Record?

In most cases late payments for your mortgage repayment will not turn up on your credit report if it is between 20 -30 days, however once it has passed 30 days there is a high chance that it may be listed on your credit rating, this is at the discretion of the bank, some lenders will do it immediately on 20 days , other are a little more flexible as they are aware of the sensitivity of the impact. However once you go over a period of arrears of greater than 60 days, it will most certainly be noted on your credit summary that you had arrears for 60 days, this will continue on each month a new black record on your credit summary, 90 days, 120 days etc. each of these black marks reduces your overall credit score. Thus will affect any applications for mortgages or credit in the future. After a period of 150 days the lender will then resort to debt collection, which will also leave another mark on your credit score, it is at this stage that the lender will start repossession proceeding. So in general a late payment becomes a mortgage arrear any time after 20 days of not making repayments to your mortgage lender.

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"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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