Late payments are not created equal; a 90 day and 120 day late pay will cause your score to be dramatically lowered. However with a 30 day or 60 day late pay it will cause very minimal damage to your score.
You can remove a 30 and 60 day late pay from your report by contacting the lender and asking them to erase it. Frequently they will do this in order to keep you as a customer and in their good graces.
We suggest making a phone call and writing a follow up letter. In your letter you should supply a brief explanation and be polite and respectful, after all they do not have to remove the mark.
A 90 and 120 day late pay is much more difficult to remove. However if your account is still open then you should contact the lender, and ask for removal of the mark.
It is a good idea to make sure your account is up to date before making this request. Typically if the lender sees a history of late payments they will not remove it.
If the lender is not willing to remove the mark we suggest that you dispute it with the bureaus. You can do this be writing a dispute letter and sending it to each bureau or you can hire a service to do this for you.
This item will be on your report for a maximum of seven years. Additionally your account will be charged off after 180 days of delinquency.
The lender can remove a late pay from your report because they report regularly to the bureaus. All they have to do is not report the late payment the next time they report to the bureaus, typically monthly.
You will find it very difficult to have the lender erase this mark if your account is not up to date. Additionally there is information that claims negative items on your credit must stay there for seven years.
This is not true; a negative item can be removed at any time. Seven years is the maximum amount of time it can stay on your report. The Fair Credit Reporting Act says this and many collection agencies have lost law suits because they did not abide to the seven year maximum.
In sum if you can not negotiate removal of the mark directly with the lender you should dispute it with the bureaus. This is done through a dispute letter written yourself or by hiring a service to do it on your behalf.
You can remove a 30 and 60 day late pay from your report by contacting the lender and asking them to erase it. Frequently they will do this in order to keep you as a customer and in their good graces.
We suggest making a phone call and writing a follow up letter. In your letter you should supply a brief explanation and be polite and respectful, after all they do not have to remove the mark.
A 90 and 120 day late pay is much more difficult to remove. However if your account is still open then you should contact the lender, and ask for removal of the mark.
It is a good idea to make sure your account is up to date before making this request. Typically if the lender sees a history of late payments they will not remove it.
If the lender is not willing to remove the mark we suggest that you dispute it with the bureaus. You can do this be writing a dispute letter and sending it to each bureau or you can hire a service to do this for you.
This item will be on your report for a maximum of seven years. Additionally your account will be charged off after 180 days of delinquency.
The lender can remove a late pay from your report because they report regularly to the bureaus. All they have to do is not report the late payment the next time they report to the bureaus, typically monthly.
You will find it very difficult to have the lender erase this mark if your account is not up to date. Additionally there is information that claims negative items on your credit must stay there for seven years.
This is not true; a negative item can be removed at any time. Seven years is the maximum amount of time it can stay on your report. The Fair Credit Reporting Act says this and many collection agencies have lost law suits because they did not abide to the seven year maximum.
In sum if you can not negotiate removal of the mark directly with the lender you should dispute it with the bureaus. This is done through a dispute letter written yourself or by hiring a service to do it on your behalf.
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Visit us for a free credit repair letter used to dispute the bureaus or to read an article about How to Build Credit additionally you can get a free credit repair consultation by calling 1-866-246-7311.
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