Credit Monitoring reported to our frineds at Household Watch that the average FICO credit score dropped 50 to 90 points when the consumer is reported as “late 30.” You must be able to trust your creditors and never let an account get 30 days late. You should write to the lender and put your account in a ‘disputed’ status if anything looks wrong.

When HSBC reported payments as “late” and was sued and settled under Shea vs Household, the cost of credit soared for many consumers who did nothing wrong. HSBC owned Household International and Retail Services as a wholly owned subsidiary while payments were intentionally credited late. (see more)