How To Get Late Payments Removed From Credit Report?

Removing late payments from a credit report is not easy, but there are steps you can take to make the process less difficult.

Thus, whenever you have late payments they are likely to pull down your credit rating that is reflected on your credit report. Overdue means that at some time in the past, payments on this credit were made after the expected date of payment. This puts potential lenders on the alert that you could be a high-risk client to lend money or extend credit to. Thus, it is possible to increase the rate on a credit or be rejected when applying for a loan or credit card if you have several late payments.

However, the good news is that you can have such late payments discharged from your credit report provided that certain circumstances exist. This is because, in the recent past, some actions that were deemed to hamper the credit score had their effects nullified, especially where late payment was concerned. This article gives you a clear understanding of how to follow the process of disputing and the removal of late payments from your credit reports.

Review Your Credit Reports

To begin with, it is important to check your credit reports with Equifax, Experian, and TransUnion. If you want to get a copy of your reports, you can get free copies from annualcreditreportcom once every year. It is crucial to run all three credit reports because they may not carry similar details. When you have the two documents side by side, cross out the late payments that are on both and write next to it what you want the credit reference agency to remove. Also, ensure that the late payments are indicated correctly in terms of the account name, the date of payment, the amount, and the fact that payment was made, although it was delayed.

Determine Eligibility for Removal

It should be noted that not all of the payments marked as ‘late’ can be deleted from your credit history. Some of the payments that were made in the last thirty days might remain in your report for up to seven years.

However, you can make a case for removing late payments if:

This payment was made thirty-one days past due but recorded and rebated as sixty or ninety days past due.
This is the case when a collection agency reports a late payment but cannot provide evidence that you owe him the money.
Their late payment was over seven years ago and they should not even appear on your record at this point.
You can support this by proving that you did not miss the payment in question or it was indeed paid on time.
The credit bureau lacks the information needed to prove that the payment was indeed made late such as the name of the original creditor, and the account number.

Draft Dispute Letters

After deciding which of the payments could be removed, write dispute letters to all three bureaus to the credit bureaus. You have to provide the details of the entries that you are going to dispute, their account name and number, date, amount, and the details of the reasons why you are disputing the entry. Make sure to attach any documents that you want to present in court like statements, canceled cheques, or letters from creditors.

Mail the letters to the bureaus certified with return receipt to confirm that the letters have been received. Keep copies of your dispute letter as well It seems as if every document that has any relevance to the case should also be retained. Credit agencies have thirty days to look into your dispute and evidence and then make the next move. If they cannot confirm the late payment within this duration, then it will have to be deleted from your credit report.

Follow Up with Creditors

If you are disputing the late payments with the credit bureaus, do not only call the credit bureaus but also the initial creditors reporting the late payments. Go to whichever company and speak with their customer service department and the billing department. Make sure to include any proof that would be relevant in demonstrating that you are not legally liable for the debt or that the payment was made on time. Explain to them that they should be able to remove the late payment mark on your account as well as contact the relevant credit bureaus. Ensure that you capture the names, their employee IDs, and confirmation numbers every time you communicate with them.

Monitor Progress and Recover Again

Lastly, after one has sent the dispute, it takes approximately thirty days for the credit bureau to respond or update the credit file. In case you still find some of the transactions that were due to be paid late and which you have disputed, repeat the process providing more and better data and information. In the new dispute letter, make specific comments to the effect that the late payment entry should have been deleted, which has now been discussed above. This may take multiple rounds of action before you begin to see the changes take effect.

Negotiate Pay for Deletion

If you have some payments that are still due that cannot be erased normally then try to seek pay for delete agreements. The next step is to get in touch with some of the creditors who reported the delinquent payments and negotiate the removal of the negative remarks in exchange for the payoff of the remaining balance. To ensure that the amount in consideration of the settlement is offered by the terms agreed upon, the clients should ensure that the agreement is put in writing and signed before the accused pays them, either through a settlement letter or as part of the payment clause terms.

Last Resort Options

If you have been disputing and paying for deletion attempts and still receive the unwanted, you may need to involve the services of an expert credit repair agency. They have their attorneys and professional service providers who can easily maneuver through the credit reporting system. Credit repair services usually start by filing a dispute with the credit bureaus on your behalf and then if this does not work, it is escalated. If they can also assist in removing inaccurate late payments, they also can assist in credit repair. Just make sure to research agencies properly and be on the lookout for fraudulent activities before joining boards.

In this process, one must be very patient since the late payments are part of the credit history. If you do it right and frequently, this process will enable you to remove the bad items from your credit report one by one, gradually. It is therefore important not to be discouraged by the early responses of anyone to the disputes. Keep copies of all documents and communications, construct your case step-by-step, and take your complaint to the next level, if you cannot go further. However, if one is determined and patient enough, late payment effects can be minimized and completely wiped out from the credit score.

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