Remove Late Payments
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.
A phone call and a letter including the reason is the most effective method. Also be respectful and nice to them because they do not have to remove this mark.
A 90 or 120 day late pay will be more difficult to remove. We still suggest contacting the lender, if your account is still open, and ask them to remove the mark.
It is a good idea to make sure your account is up to date before asking them to remove the item from your report. The lender will often look at your payment history to see if late payments are common with your account.
If the lender will not remove this item then we suggest you dispute it directly with the bureaus. This is done through a dispute letter; you can create it or hire a service to do it on your behalf.
The negative item will be on your report for a maximum of seven years. Your account will go to a collection agency 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 we suggest contacting the lender to remove this item. If that can not be done then you should dispute it directly with the bureaus, through a dispute letter.
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.
A phone call and a letter including the reason is the most effective method. Also be respectful and nice to them because they do not have to remove this mark.
A 90 or 120 day late pay will be more difficult to remove. We still suggest contacting the lender, if your account is still open, and ask them to remove the mark.
It is a good idea to make sure your account is up to date before asking them to remove the item from your report. The lender will often look at your payment history to see if late payments are common with your account.
If the lender will not remove this item then we suggest you dispute it directly with the bureaus. This is done through a dispute letter; you can create it or hire a service to do it on your behalf.
The negative item will be on your report for a maximum of seven years. Your account will go to a collection agency 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 we suggest contacting the lender to remove this item. If that can not be done then you should dispute it directly with the bureaus, through a dispute letter.
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posted by Debt Consolidation Loan at
7:01 PM
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