Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

What is the Impact of Late or Missed Payments?

The best advice for making monthly payments on a loan or credit card is not to be late. Of course, life sometimes gets in the way. No one knew there’d be a global pandemic when they used that loan payment calculator to make sure the monthly payments were affordable. 2020 was a good example of “anything can happen.”

The worst of that is over, but economic circumstances continue to be challenging. For many people, late payments are a reality they need to face. It’s important to understand how being late impacts a person’s credit score and personal credit history. They might also want to review their options to ensure they don’t happen again.

The impact of missed payments on credit scores

FICO scores are calculated using several variables that measure how much of a risk a person is to lenders. One of those is called “payment history.” It’s worth 35% of the overall credit score. When a person misses a payment or makes a payment late, that portion of their score goes down and stays down for several months until they can show multiple on-time payments in a row.

In most cases, lenders report to the credit bureaus every thirty days, so a payment that is late by a few days may not affect a person’s credit score at all. Any payment over thirty days late is considered “missed” and could drop a credit score anywhere from 90 to 110 points, depending on the payment amount. The type of account doesn’t matter.

Missed payments stay on a credit report for up to seven years. They’re not something to be taken lightly. A borrower’s credit score will increase gradually during that time, but it’s unlikely they’ll reach the level they were before the missed payment until several years have passed. Missing multiple payments could also lead to defaults and legal actions.

Being proactive to prevent missed payments

Missed payments aren’t always due to bad financial circumstances. Some consumers fail to make payments on time when they simply “forget” that they’re due. This is common with short-term payment plans from finance companies and retail credit cards that are used infrequently. It can be eliminated by automating monthly payments.

If payments are likely missed because funding is unavailable, contact the lender or credit card company and ask for refinancing or a deferment. A debt consolidation loan is also an option in extreme circumstances where the financial situation is unlikely to change. Most lenders will be willing to work with borrowers if they’re proactive before they miss a payment.

The Bottom Line

There’s no magic bullet to get out of making monthly payments on time. It’s important to automate them so one is not missed by mistake. A borrower should be proactive and contact the lender if they know they won’t have the money to cover a payment. If financial issues are long-term, they can apply for a debt consolidation loan to ease the burden on their monthly budget. Failing to do any of this will cause missed payments to affect their credit score negatively.

Sponsored Content

About OneMain Financial

View Website

OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.

Contact Information:

Name: Michael Bertini
Email: michael.bertini@iquanti.com
Job Title: Consultant

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.