Payment History

What Is A Payment History?
It is a historical record of each installment or non-installment accounts. Payment history is a way for lenders to measure whether an individual is a risk because of a background marked by late or missed payments.
What Is Included In The Payment History?

• Credit cards – Visa, MasterCard, American Express and Discover.
• Installment loans – these are loans you pay with regular amounts (i.e auto loan and mortgage) 
• Retail accounts – a credit history for items you’ve purchased in retail stores.
• Finance company accounts.
• Public record and collection items – a compilation of reports for lawsuits, wage attachment bankruptcies, foreclosures, liens, and judgments.
• Late or missed payment details
• Public Record and Collection Items

What Is Not Included In Payment History?
Monthly office rentals or apartment rentals have monthly payment bills - these types of loans are not included in your payment history. Most utility bills like electric and water utilities or administrations like home and office upkeep are not included as well.
When you don’t pay these bills, they may be recorded on your payment history and will have a bad mark on your credit.
How Does It Affect Your Credit Score?
Oftentimes, lenders will check your credit history to measure whether you missed any payment at any point. Various late payments in your payment history can draw down your FICO assessment. It is one of the biggest factors that influence your credit score as this is a record for your paying behavior for loans and credit cards.
Installments made far after their due dates eventually weight all the more intensely on your score. This is because negative scores will in general increment while you take some time paying your bills.
How long does it take to get reported for late payments?
Most of the time, banks, lenders, and landlords give an ultimatum of 30 days to fulfill the payment. If you have a good relationship with your lender, you can negotiate with them about the date of payment that you can fulfill to give you ample time before they may file a 30 day late payment against you.

---