The bad news is that the 30 - day late payment will become a historical late payment and remain as part of your credit history for 7 years. (rebuildcreditscores.com)
In addition, amounts that are not paid to a collection agency may become part of the credit history of the owing party. (smallclaimsbc.ca)
Having taken out a major loan and paid it in full will remain a positive part of your credit history for years to come. (badcredit.org)