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How much do credit scores drop with a mortgage late payment?

FICOIn the last few years Trans Union, Experian and Equifax have disclosed more specific information about the damage to credit scores after mortgage late payments.  Here are some examples for a FICO credit score:

30 day late payment – damage to credit score

780 score drops to around a 670-690
720 score drops to around a 630-650

90 day late payment – damage to credit score

780 score drops to around a 650-670
720 score drops to around a 610-630

Foreclosure – damage to credit score

780 score could drop to 620-640.
720 score could drop to 570-590.

How much do credit scores drop with a mortgage late payment?

Notice how much risk is attached to a consumer with a recent 90 day late payment;  even with a start point of a 780 credit score, a 90 day late payment is not much different in impact than a foreclosure!

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Posted in: Credit

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