A negative report can make or break a loan that you want to receive at the interest rate you want. It can also affect other means of credit such as your credit card interest or even the possibility of getting hired for a job. You can remove late payments from credit reports to help in your credit score rating.
The process may take awhile so you will need to be patient when you do it. So be aware as you are getting into it that you will need to allow time for the process to work. Do not trust any sites or companies that guarantee that they can remove your bad credit immediately. There are many credit repair techniques that can be successful but none are guaranteed to work every time.
You will need to first order a copy of your credit report from the three reporting companies that are out there. Each of them will send you a free copy of your report once a year. They all have websites and you can order your report from the individual websites or you can use annualcreditreport.com. Once you have received the reports look them over to see what is on there and if you have a late payment you want to dispute. If you do, then proceed with the process of disputing the negative claim.
Make sure that you have all documentation ready and copied to ensure that you can send proof with your claim. You will need to have confirmations of payments such as a statement or online statement as well. Never give the original copies and make sure that you black out anything that you do not want someone else to see on your statement.
These companies now have online dispute services on their websites but you can also write a letter. Make sure if you write a letter that you date the letter, send it certified mail with a request for signature to cover all your bases when you have to prove that you sent it, it was received and the date this happened.
Once the claim is received the reporting company has a window of thirty days to investigate and get back to you. This is where patience is involved so you will have to wait. If the claim is not responded to in thirty days by the reporting company and a decision is made then they must remove it from your report. This is the law and you need to do this. This is an ethical decision for you, as they must remove it even if you were actually late on your payment.
If they come back within the thirty days and say that it was in fact late then you can stop there or you can lodge a formal complaint to them. It is the same process that you take; it is just now a formal complaint. Once again the thirty-day window of receipt must be met in order for them to deny your claim or they must remove it from your record.
Mistakes happen and you can remove late payments from credit reporting agencies that do not have the correct information. Just be patient and follow the process. Keep a folder with each agency and your correspondence so you can have an accurate record and remember what you did since it takes awhile to accomplish.