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.
The late payment is added to your credit report when your payment is more than 30 days late. An entry is added to your credit report and can stay for seven years. If you miss the next payment, the entry is updated to 60 days, and so on until your account is charged-off after 180 days. Your credit score may drop.