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Detailed explanation-1: -Once a late payment hits your credit reports, your credit score can drop as much as 180 points. Consumers with high credit scores may see a bigger drop than those with low scores. Some lenders don’t report a payment late until it’s 60 days past due, but you shouldn’t count on this when planning your payment.

Detailed explanation-2: -Even a single late or missed payment may impact credit reports and credit scores. But the short answer is: late payments generally won’t end up on your credit reports for at least 30 days after the date you miss the payment, although you may still incur late fees.

Detailed explanation-3: -A single missed payment can reduce your CIBIL score and thereby decrease your credit worthiness. Banks and other financial institutions might turn down loan requests while credit card companies which periodically review their customers’ profiles might reduce the credit limit on a card if the CIBIL score is low.

Detailed explanation-4: -Late payments stay on your credit report for seven years. While your credit score can initially take a significant hit, it will recover over time if you don’t make any more late payments.

Detailed explanation-5: -If you find a late payment in your credit reports that shouldn’t be there, you can file a dispute and ask the corresponding creditor or credit bureau to remove the inaccurate information.