does the lender have to notify you prior to reporting to the

Late payments would be reported to your credit report but it will not be marked as delinquent. It will only be marked late. This will not have much impact on your credit score, because you have already made the payment. However, if you have not made any payment against your debt for six months at a stretch, the account will be labeled as delinquent in your credit report which may lower your credit score. A two day late payment once, will not affect your credit score.

I deal with Citifinancial, concerning my Jeep. If I am a few days late, with a payment, they STILL report it as 'current' because the payment was made within a 30 day period. They're pretty good ( in my opionion) about 'working' with people.

yes, the creditors report it to the credit reporting agencies about your delinquency after 6 months from the date you made you last payment towards the debt and for that they will not inform you. You will find it in your credit report once you pull it out. However, you can get it removed before the seven year period only if you make the creditor for PFD after you make the full payment. But if the debt is sold off to the collection agency, then the OC listing cannot be removed and will stay there for seven years.

I didn't think a payment that was had just missed its due date could go on your record. At least it won't affect your score.

Even a missed payment would be reflected in your credit report as a late payment but not as a negative item in your report and so it would not affect much in your credit score. But if you miss your payment for a continuous period of six months, then the creditor may report your account as delinquent to the credit bureaus. This will be listed as a negative listing in your credit report and so it will lower your credit score.

Hi Rich
It is true that a single missed payment may not affect your credit score much. But if you miss your payment for a continuous period of six months, then the account will be considered as delinquent as Carol said and this negative listing may reduce your credit score by a very large amount. In addition to this the creditor may also charge off your account if it remains unpaid continuously for a period of six months, and if they do charge off your account your credit score may fall by as much as 100 points. So you should always take note of the fact that you should not miss any payment.

How long will it take to build it back up if you end up in the six month or more late catagory?

I like that question Good Natured. I do not think we ever addresses it here since I have become a member. I would like to see what the answer to this one is. My guess would be after you have made so many payments on time but lets see what the others would have to say here.

If you have missed your payment for a period of six months and more, then the outstanding debt would be treated as delinquent and will be listed as negative in your credit report. Now this negative listing will remain in your report for seven years and will lower your credit score. However, if you make new purchases and repay it on time, your credit score may start improving after the SOL period is over.