Generally, creditors do not report late payments that are one, or even several days late. In fact, typically, credit reports only note payments that are at least 30 days past due. Poor credit ratings can increase your interest rates and credit fees, or they can completely prohibit you from being approved for loans.
Your creditors can take adverse actions against you for payments that are even one day late. Therefore, even though your credit score may not be affected by slightly late payments, you may suffer other consequences for having a past due bill. For example, creditors can charge late fees or raise your interest rates on your credit lines. Your creditor may even have the right to suspend your credit line or cancel it all together.
Maggie Lourdes is a full-time attorney in southeast Michigan. She teaches law at Cleary University in Ann Arbor and online for National University in San Diego. Her writing has been featured in "Realtor Magazine," the N.Y. State Bar's "Health Law Journal," "Oakland County Legal News," "Michigan Probate & Estate Planning Journal," "Eye Spy Magazine" and "Surplus Today" magazine.