Late payments hurt your credit and eventually your pocket. Your creditors and the credit bureaus would like you think that once you have a late payment on your credit report, you can't get it off. That is completely false. Late payments like any other derogatory negative item on your credit report can be disputed. That's the law.For the first time, FICO has released the exact amount a late payment can damage your credit score. One 30-day late payment can drop your score anywhere from 60 to 110 points on your credit score. JUST ONE LATE PAYMENT!!!