Late payments can happen to anyone. And now you’re wondering how you can get late payments removed from your credit report. Well, ASAP Credit Repair knows how and we’re going to break it down for you step-by-step. Let’s dive in!
1. Write a goodwill adjustment letter asking the lender to remove it.
Pretty simple and straightforward. Simply write a letter explaining why your payment was late. Ask them to forgive the lateness and remember to assure them it won’t happen again. If they agree to removal, your creditor should adjust your credit report. Even if they don’t forgive the late payment, it never hurts to try. If they do agree to it, make sure to get the agreement in writing and keep it for your personal records.
2. Send a pay for delete letter.
If your debt has already been sent to a collection agency, or if you don’t have the best history with the lender, consider taking this route. The letter should include the exact terms of what you're offering, whether it’s full payment or autopayments, what you want in return (debt marked as paid or ceased reporting on the late payment), and the date you’d like a response by.
3. File a credit dispute.
This is if your credit score is being affected by an inaccurate late payment. You have the right to put in a request to have it removed. First, you will send the dispute letter to the credit bureau that generated the report and/or with the creditor. Send the letter to each credit bureau that reports the mistake. Your letter should include the negative information under discussion, any pertinent documentation, and a formal request that the item is corrected or removed. The creditor/bureau then has 30-45 days after receiving the dispute to investigate and you should be notified of the results of the investigation upon completion.
4. Hire the professionals.
If this is too overwhelming, after all late payments are just one part of improving your score, you can make the process significantly easier by working with a credit repair company. ASAP Credit Repair will work on your behalf and challenge inaccuracies on your report. We have the expertise and time available to assist you through the dispute process from beginning to end and moving your credit score up.
Payment history makes up 35% of your credit score. That’s a pretty big amount. One late payment can lower your score anywhere from 60-110 points, depending on what your score is to begin with, and missing multiple payments can have a huge negative impact. Don’t waste anymore time when you could be improving your score instead. Give ASAP Credit Repair a call asap!