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Q: I heard missed payments can negatively affect my credit for seven years. Is this true?
Yes. If you miss a credit card or mortgage payment the lender will share the information with the credit agencies and it can negatively affect your score. Even if you pay off overdue debts, the credit reporting agencies can keep marks on your report for up to seven years. So even if you no longer owe money it could take some time for you to improve your credit score.
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