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February 28, 2025
The Impact of Missed Payments on Your Credit Score: What to Do
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Table of Contents
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The Impact of Missed Payments on Your Credit Score: What to Do
Introduction
How Missed Payments Affect Your Credit Score
1. Immediate Credit Score Drop
2. Duration of Impact
3. Late Fees and Interest Hikes
Steps to Take After a Missed Payment
1. Check Your Credit Score Immediately
2. Make Payments as Soon as Possible
3. Contact Your Creditors
4. Set Up Automated Payments
5. Work on Credit Score Improvement
How to Prevent Future Missed Payments
Create a Budget and Financial Plan
Use Credit Monitoring Services
Establish an Emergency Fund
Conclusion
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