With payment history accounting for 35% of your score, just one missed payment can wreak havoc on your credit rating and remain there for up to 7 years! If this has happened to you, you’re probably asking yourself how to remove late payments from your credit report. There is hope. Use our 3 proven steps below, and watch your credit score climb.
How to remove late payments from your credit report
Sometimes life throws you a curveball and knocks you off your feet. Whether you lost your job, came down with a severe illness, or had another unexpected event – you might have missed a payment (or three).
If you really did miss your payment, disputing the negative mark with the credit bureau won’t do you any good. But you could get your creditors to cut you some slack by explaining your situation. It’s called a “goodwill letter,” and it’s how to get a creditor to remove a missed payment from your record. Because pointing out why your payment was late might convince the company to delete your mishap altogether.
You can write the letter yourself, but you’ll need a strong message to convince them to drop the missed payments. With enough persistence, you might wear down their resolve and get your credit back on track. And writing a true-to-life letter isn’t easy.
Since the fate of your future credit score rests on how effective your letter is, this might be an excellent time to call Credit Saint, our #1 recommended credit repair company. After all, not everyone can write a letter that’s powerful enough to convince a company to change their mind and “un-report” a missed payment. Plus, creditors have a legal obligation to report accurate information to the credit bureaus. And that means sending a goodwill letter isn’t a foolproof solution.
But if you think about it, what’s the harm in asking them to remove it? So go ahead and send a goodwill letter. And if you don’t hear from the company, consider following up with another letter or even a few phone calls to twist their arm.
If you don’t pay your lender for 6 months, they normally “charge off” your debt. Click here to learn how to remove charge offs from your credit report.
Plead with creditors to delete late payments
If your missed payments are piling up, you might think you waited too long to get a creditor to remove your missed payments. Believe it or not, your creditors can work with you. No matter how bad the situation is.
Even if you need a payment plan, are receiving collections calls from companies like Medicredit or Allied Interstate for your past-due debt, or are facing foreclosure on your home, sending a hardship letter can help.
Your letter must describe your circumstances in plain language without making excuses. And a good hardship letter always asks for a specific resolution, such as:
- Waiving late fees
- Suspending past-due payment amounts
- Lowering your interest rate
- Modifying your monthly payment amount
- Setting up a payment plan
- Discussing settlement options
But if stress and anxiety are eating you up and you’re not sure where to start, you don’t have to do it alone. Another technique is to try and settle with a pay for delete letter. Yes, it’s another letter. And no, your creditor doesn’t have any obligation to approve your request. But you’ll never know if they’re willing to work with you unless you ask.
The ultimate hack to getting missed payments removed
Sending a Section 609 Letter is a loophole for dealing with credit problems, but it won’t always help with missed payments. What you need is the secret sauce to spice up your credit history to help wipe out the effects of a missed payment. First, you must understand what a tradeline is.
You know those accounts that show up on your credit report? Each account is a tradeline. When you miss a payment, the credit bureau records it on the corresponding tradeline, or account, on your credit report. That missed payment pushes your credit score down, but each on-time payment brings it back up just a little.
But there’s more. What if you could add 5, 10, or 20 years of on-time payment history to your credit report? Surely that would bump up your credit score even more.
Quick tip: If you have a thin credit file try and find someone with a credit card that has been opened for 10+ years to impact your credit score the most.
And this is where the secret sauce comes in. If someone adds you as an authorized user to their account, the payment history of their tradeline attaches to your credit record. It doesn’t matter if the account has been open for 20 years and you were just added last week – the result is the same, their payment history becomes your payment history.
When that happens, the negative effect of your delinquent payment can become overrun by a massive amount of on-time payments. But how do you find someone willing to add you as an authorized user? Lucky for you, we have a solution.
You can pay a company to play matchmaker and hook you up with someone willing to add you to their account. If you want to go this route, check out Tradeline Supply Company. We think they’re the best at tradelines, plus they guarantee the account will show up on your credit report in at least 2 of the 3 major credit bureaus. Otherwise, asking your friends and family is always an option. Keep in mind that money is a touchy subject, and you could put your relationship at risk if by mixing family and finances.
How to Get Rid of Late Payments for Good
If late payments are weighing you down, 7 years is an insane amount of time to wait for them to fall off your credit report – especially if you’re working toward buying a car or a new home, or if your job search isn’t going well because of your poor credit history.
But you’re not stuck. To answer the question of how to remove late payments from your credit report, we encourage you to check out Credit Saint. With an industry-best reviews, great rates, and a free consultation, they’re our #1 recommended credit repair company. And going forward, make sure you always pay your bills on time. Because once you get yourself out of this mess, you don’t want to end up back where you started.