There is no need for the late payments to be a part of your credit report forever. It is possible to get rid of the late payment records from your credit report. The entries of late payments on the credit report are not good for your credit health. These entries indicate lower financial integrity and creditworthiness. As long as the late payments appear on the report, they will keep on decreasing your score and also reduce the chances of getting products such as various kinds of loans and credit cards. Fortunately, it is possible to remove these late payments from the credit report. Here are some ways of doing it.
1. Dispute all the credit reporting errors: Sometimes, you would have made your repayment on time but the report hows it up as a late payment. In case this happens, it is a clear instance of a credit reporting error. For having these incorrect late payment entries be deleted from the credit report you have to dispute the inaccuracy of the entries. It is possible to dispute the errors with both the credit bureau and the creditor that provided the inaccurate information. Disputing these errors is pretty simple as you can do it online as well. If the objection is deemed to be correct and the late payment admission is found to be inaccurate it will be removed from the credit report.
2. Request removal from the listing on the grounds of goodwill: Many times, you actually could have made the late payment. But it happens. Whenever this happens you can write a letter to your creditors politely requesting them to delete the derogatory info from your credit report. In this case, you are requesting the creditor to do you a favor and you will not be promising anything in return for the favor. Remember, you have to be nice and respectful. There are no obligations for the creditor to grant your request. But, if you have a good record of making payments on time, you will stand a good chance that your request is granted. Typically, writing a goodwill letter will help the best if you have a good excuse for the late payment. Some examples of valid excuses include,
- You have moved to a new place and the bill did not reach the new location.
- A temporary drop in financial resources affected your capability to pay.
- You thought that you have enabled automatic repayments but you hadn’t.
3. Negotiate with the creditor: When you have made late payments, keep in mind that all hope is not lost. Rather than waiting for the negative remarks to exhaust themselves from the credit report, you may bargain with the creditor. It is possible to negotiate the late payment with your creditor. As you are paying a significant amount of debt in return, you will be in a good position to negotiate. Although the creditor is not under any obligation to accept the proposal, it is an attractive alternative instead of having the debt go unpaid. If the creditor agrees, ensure that you get the terms of the agreement in writing to make sure that they are holding up their end of the bargain. After you have made the payment, your creditor will go on to delete the late payment from the credit report.
Although it is highly recommended that you pay your bills on time, but keep in mind that late payments are is still better than default on payment. Use the tips above to good effect when late payment appears on the credit report. This will allow you to save your credit record from any further damage. If you live in Pinellas County, FL area, and need help of professionals, get in touch with Super Credit Repair for expert advice.
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