March 30, 2017

How to Remove Late Payments From Your Credit Report

If you want ot know how to remove late payments from your credit report you can run a credit simulation (see attached) it is normally about 90% accurate.

If you really have a ton of debt and have creditors calling you non stop


EXAMPLE: Remove Late Payments From Credit Report

remove_late_payments_from_credit_reportOne Late Removal Results in A 41 Point Change Upwards!

In this example If we can get the late payments in April removed from the Elan account we get an extra 41 points.

Do you think there is any chance you can negotiate this with them?

It would REALLY help!

Three Ways to Get a Late Payment Removed From Your Credit Report

There are generally three effective ways to remove a late payment from a credit report

  1. Set up Auto pay in exchange for Removal – Call your creditor and ask if this is an option
  2. Good Will Letter – write a letter to your creditor explaining why you were late and why it will NOT happen again.  Many times a creditor you have a relationship with will “forgive” the late payment and remove it. After receiving your goodwill letter, some creditors will update your credit report. Others will say they cannot legally remove information from your credit report. Most of the successful goodwill letters posted on myFICO forums don’t specifically ask creditors to remove negative information from the consumer’s credit report. Instead, the letters request a “goodwill adjustment” be made.
  3. Call and ask for the HARDSHIP Department – You can also make a goodwill request by phone instead of sending a letter, but more often than not, the customer service representatives who answer the phone don’t have the authority to make these types of changes to your account. If you can get a phone call to someone higher-up in the company, you’re more likely (but not 100%) to get your request granted.
  4. Or you can file a dispute if all else fails.

Here are some other ideas you can research from Google.

I strongly suggest you try.

About Jason Wheeler - Real Estate & Lending

Jason Wheeler got started with in the Real Estate & Mortgage Lending business in 2003. Since then Jason has become a top producer for one of the largest, most well respected Real Estate and Mortgage Brokers in the industry, producing quality loans in California, and helping countless families with their home purchases and sale. For fun... Jason loves being outdoors and writing important tips on his blog (what you are reading now) and hangs with his wife kids and dog. IF YOU LIKE THIS CONTENT GO VIP HERE

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