How To Remove Late Payments From Your Credit Report

How To Remove Late Payments From Your Credit Report

Wondering how to remove late payments from your credit report? We’ve compiled a list of 5 ways to do just that.

Late payments can really put a damper on your credit score. A lot of the time, you don’t even realize that you are late paying your gas…electricity…mortgage or credit bills, but when they start to add up, you will notice a sizeable drop in your credit score and this is not a good place to be, especially if you are hoping to get approved for a mortgage or other lines of credit.

Most of the time, creditors will report late bill payments directly to the credit bureaus. These late payments will stay there for 7 seven years which is the timeline for delinquency in most states.

The question of “how to remove late payments from your credit report” does not have a simple answer, however; there are a few things you can do to clear these marks from your record and it’s not as hard as you might think.

Here is how to remove late payments from your credit report easily and without paying too much money.

1. Check for mistakes

Check For Mistakes: How To Remove Late Payments From Your Credit Report
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Did you know that the FTC (Federal Trade Commission) says that 1 in 5 people have a mistake on their credit report?

When considering how to remove late payments from your credit report, you first need to get your hands on your most recent report by requesting it through www.annualcreditreport.com.

Each American citizen is allowed by law, one free credit report per year and you can put the request in either by phone, mail or directly through their website.

You will receive your reports from the three major credit bureaus: Equifax, Experian and Transunion and from there you can start to check for any errors in the reports by cross referencing your own bank account activity.

If you find a mistake (or several), look for a payment statement or letter from your creditor to show that it was paid on time and send it to the credit bureau in question.

There are credit repair services out there who will do this for you, however; if it’s just one or two late payments that you want to dispute, then it might be more worthwhile to just do it yourself.

2. Make sure late payments more than 7 years old have been deleted

7 Years: How To Remove Late Payments From Your Credit Report
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Wondering how to remove late payments from your credit report that really aren’t supposed to be there? Double check and make sure that there are no late payments on your reports that are more than 7 years old.

All late payments should be removed 7 years after the payment was made. If you spot a discrepancy, find a bank or payment statement that proves when the payment was made and contact the bureau(s), asking them to remove the late payment.

You might also choose to contact the creditor themselves and dispute the late payment in question. If they agree that it was a mistake, then it’s up to them to tell each of the three major credit bureaus to remove the payment and update your records accordingly.

3. Write a goodwill letter

Letter
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If you’re still confused on how to remove late payments from your credit report, consider writing a goodwill letter

Many credit repair companies will offer a goodwill letter service where they will explain to the creditor on your behalf why you weren’t able to make the payment on time.

You may also opt to write your own goodwill letter, however; there is an art to it! A creditor can say yes or no depending on how viable your excuse is and possibly how generous they are feeling that day. Employing the help from a professional can make your chances of getting approved a whole lot higher.

This usually only works when you have almost no late payments on your record and this recent late payment was truly a rare mistake. Most creditors will delete the late payment if it’s the only one you’ve made, but if you’ve made more than one, don’t expect the creditor to honor your request.

4. Use a “pay-for-delete” service

Debt
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There is a type of service called “pay-for’delete” which is offered by debt collection agencies. It’s a deal where they remove your account with them from your credit report if you pay it off in full.

We’re not saying that this doesn’t work, however; it is technically illegal and relies on how “willing” the creditor is to remove the account. Creditors are obligated to report accurate information to the bureau so…maybe your debt collector has a sneaky way of getting it deleted, but otherwise you’re kind of living on a prayer with this one.

Also, it doesn’t really matter if you pay the debt account off in full or not because it will still be classified as a “paid collection”, it won’t disappear off your record until the allotted 7-year timeline.

Before you pay a debt collector to wipe the slate clean for you, make sure it’s going to be worth the money and make a sizeable difference in your credit score.

5. Use a credit repair service

Credit
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If all of this business of figuring out how to remove late payments from your credit report sounds too overwhelming, consider employing the help of a credit repair service. They specialize in cleaning up credit reports and that includes removing late payments.

They use methods like goodwill letters, challenge validation letters and debt validation to clear your records. So if you have several issues with your credit report that you want to resolve or multiple late payments, then purchasing a credit repair program might be the easiest way to start clearing up your record and stop worrying about how to remove late payments from your credit report.

Takeaways: How To Remove Late Payments From Your Credit Report

There are many solutions on how to remove late payments from your credit report. The best thing you can do is analyze your credit report and then cross reference every payment with your bank statements. If you see some discrepancies, then don’t hesitate to contact your creditor or credit bureau and get it sorted out.

Alternatively you can pay for credit repair services or pay-for-delete services, just know that it can get costly and if you are only concerned about a couple late payments, it might not be worth your time or money.

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