A missed payment is when you have not made your monthly required payment, whereas a late payment is when you have made the monthly payment but not on the contacted date agreed.
For example, the payment should have been made on the 1st of the month but was paid a week later.
Unfortunately, in most cases the creditors will mark this as a missed payment on your credit file, the account will then show as up to date the following month once they have recorded the payment on your account and reported back to the credit reference agencies.
The best way to not miss payments is to ensure that you have direct debits set up for all your commitments, and the best date to set them up for is the day after pay day, this will ensure that you have sufficient funds available, so no missed payments occur.
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