How To Get Late Payments Off Credit Report?
One factor that can have a greatly negative impact on the credit score is when there are late payments on your credit report. The credit report information of late payments is reported on the credit file for up to 7 years. A late payment may cost you as much as 110 points and this is just one point that you lose. Therefore, any wrong credit data that is a late payment should be deleted from the credit bureaus namely Equifax, Experian, and trans union. Here are the steps to remove late payments from your credit report:
It is also important to request a copy of your credit report. The first thing that is required must be to obtain a credit report from each of the three credit reporting agencies. It is available free once a year for one’s call at annualcreditreportcom. Navigate to all three credit reports and try to analyze the information carefully especially the late payments and other negative remarks. When you are using the address to get your report ensure that you use annualcreditreportcom alone for it is the only one authorized to provide you with your report free of charge and not a sample report as you may be led to by other websites. Look at the specific accounts that have had a delay and check to see if the payments were late. If you start getting wrong, negative, or simply irrelevant information that does not pertain to you, you can initiate the process of deletion.
Contact the Credit Bureaus If you discover that there are erroneous features that show late payments you need to get in touch with the particular credit bureau(s). You can reach them through a phone call or you can challenge them via the internet. When writing to them, ensure that you state your case and back it up with proof of the misrepresentation by the company. The credit bureaus are supposed to act as per the law which requires the credit bureaus to verify the information in dispute within one month. They will in turn notify the source through which the adverse information was received principally the banks or the credit card companies as to the accuracy of the reported information. If the creditor fails to verify the information, the credit bureau will delete the stated item. It is important not to agree to any of the outcome forms that the credit bureau presents after a dispute. It may take several attempts to ‘win’ an argument with the wrong information so make sure to keep at it until the information is removed.
Contact the Source Directly However, it is crucial to also notify the source of the information that is reported to the credit bureau as being inaccurate directly. It could be your bank, lender, or credit card company collecting for a debt you owe. It is advisable to reach them by phone, email, or a written letter and precisely describe your reasons why the provided information is incorrect. Ensure proof by availing relevant documents where necessary. A polite request to adjust it or remove it from all future reporting permanently. Once they receive a complaint from you about a specific negative item, they cannot report it again unless they have looked into the issue or complaint and come up with a resolution. Most sources review and correct many wrong items within 30- days after consumers protest or have a disagreement.
Follow Up with Creditors Never rely on the hope that something adequate will be done after calling the credit agencies once. Always double-check that the late payments never show again, even if they are marked as ‘disputed’. You can contact the creditor after 45 days of the first dispute they have raised. Ask them whether they have deleted those payments or if they’re still investigating the matter. In case wrong information is still displayed, then, one may require to file another complaint or a dispute. The next step to take is to dispute again with the credit bureau(s) involved if the late payments are still shown in your report after an investigation from their side. Follow up consistently.
Submit Documents as Proof Whether dealing with credit bureaus, or creditors, assemble concrete evidence to back up your assertion. For inaccurate late payments, you can submit proof of payments you may have already made:
- The canceled cheques mentioned earlier
- Screenshots from the bank logbook, electronic funds transfer
- Bank statements proved the payments were being made within the required period.
- The loan documents, payment records, and credit reports are synchronized.
- Letters that contained information of an impending change in the loan terms and conditions It may also be necessary to offer any relevant evidence that you have in the form of documents to credit bureaus as well as creditors/lenders. This supports your protestations or arguments to have the overdue payments removed.
Attempt Goodwill Letters If it seems challenging to argue that the late payments should be deleted, one can request banks, lenders, and other sources that supplied the credit reports to voluntarily remove the late payments from the credit reports as a one-time courtesy. You might write them a goodwill deletion letter informing them of your situation and requesting them to delete the negative item in their best interest. Describe how the incorrect late payments are negatively impacting your credit score loan application or credit card. Tell them to remove it in special cases to appeal to their better judgment. Some of the top lending institutions have policy considerations for goodwill deletion when the circumstances are justifiable. If you have been a good customer otherwise, make them understand by reminding them that you have always been a good customer to them to be able to ask them for this favor.
Hire Credit Repair Companies However, if several individual efforts to delete late payments do not pan out for you, it is advised to hire credit repair companies. Choose reputable companies, particularly if they boast of having high success rates in repairing credit reports. They have professional staff with a proven track record of lobbying to have negative items such as payments in arrears removed, even if the task is challenging. However, do not fall for agencies that promise unrealistic things such as guaranteeing a job because they have connections with numerous companies. Always do your homework and find reviews about a company before joining their credit repair programs. The effectiveness of the services and the amount you will be charged should therefore be understood before engaging them. It is however advisable to seek the services of a good credit repair firm that can help facilitate this process of repairing the credit report.
Although one cannot remove late payments from their credit report, the effect on the credit score decreases with time if one is unable to pay the amount on time. However, if those late payments are cleared, the good news is that it instantly improves your credit rating. Therefore do not give up on any of the methods discussed above until you succeed. Continue monitoring after that to also avoid another negative entry being reported by the credit bureau in the future without your consent. Be financially responsible with your credit and ensure that all your credit accounts depict that of perfect payment.
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