How to Remove a Late Payment from Your Credit Report

Having a late payment on your credit report can be devastating to your credit score. If you try to get credit in the future, late payments can be very detrimental to the process. Here are the basics of how to remove a late payment from your credit report.

Why Remove It?

If you have a late payment on your credit report, you may be wondering why it is so important to get it removed. After all, it is only one late payment. According to credit experts, if you have a late payment of over 90 days, this can be just as detrimental as a bankruptcy, lien, or other judgment against you. This can significantly lower your credit score and make it difficult for you to get a decent interest rate on a loan in the future. These late payments will stay on your credit report for at least seven years in most cases. Therefore, it is imperative that you get the late payments removed as soon as possible. 

Get Your Credit Report

If you suspect that you have a late payment, you need to get a copy of your credit report. Sometimes, when you make a late payment, a creditor might not report it to the credit bureaus. This means that you need to determine if the late payment is actually showing up on any of your credit reports before going through the trouble of trying to get it removed.

Contact Your Creditor

If you have confirmed that you do in fact have a late payment on your credit report, the first thing that you should do is contact your creditor. Your creditor is responsible for reporting the late payment to the credit bureau and they have the ability to remove it from your credit report.

Ask Them to Remove It

When you get in contact with your creditor, you need to let them know why you are contacting them. Ask them right away if they will remove the late payment from your credit report. If you are still a customer of theirs, they may be willing to remove this late payment as an act of good will. Ultimately, the creditor will want to retain you as a customer. Many times, they will remove the late payment from your credit report in order to do so. If they are unwilling to remove the late payment, you might threaten to take your business elsewhere.

Negotiation

In some cases, you may be able to negotiate with them on this matter. For example, if you still have not made your payment to them, ask them if they will remove the late payment from your credit report in return for your payment. Sometimes, they will do this in order to get your money.

Dispute with Credit Bureaus

If the late payment is illegitimate, you should dispute it with the credit bureaus. Mail a copy of your credit report with the late payment highlighted to the credit bureaus. Send a letter asking them to remove the late payment and providing proof that the payment was not actually late.



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