Now they can get you out of a ticket. Thirty-six states now allow drivers to show electronic proof of insurance coverage during a traffic stop, according to the Property Casualty Insurance Association of America (PCI).
A late payment can stay on your credit report for up to seven years. This is the standard time limit for most items. Only a bankruptcy can stay longer -- up to 10 years in some cases. But for late payments, seven is the magic number. You can think of your credit reports as a record of your previous debt payments.
Late payments remain on your credit report for seven years. The further you put your missteps in the rearview mirror, the less they hurt your score. If your report is otherwise pristine, a single late payment should stop affecting your score in six to 12 months.