Don't Let Past Due Bills Effect A Credit Report: Ways To Remove Late Payments From A Credit Report
Did you know one late payment can drastically drop a credit score? There are three payment categories: 30 day, 60 day and 90+ days late. Having just one bill 30 days late can drop your score. Lower scores can lead to all sorts of problems from being denied certain loans and credit cards to not being able to rent at certain apartment complexes. The three major credit reporting agencies like customers to believe that there is nothing that can be done about negative items that are reported to an agency but there are ways to remove those late payments.
If a customer believes that a late payment is showing up on a credit report the first step of action to get an actual copy of the report. There are three major credit reporting agencies that almost all companies use. By obtaining a copy of the reports one has the report in front of them and can know how best to proceed in getting the negative notes off of it.
The second step is to contact the credit card company or bank that is reporting the late payment. Many times if the customer is still a current customer and has a good history of payments the company will remove the reporting offense from the credit report themselves. This might not always be the case but it is a first step.
If the lender does not directly remove it the second step is to write a dispute to the credit agency. With each score and report there is a contact address that allows customers to write to the agency. Writing a letter that states the customer is disputing the late payment with the company name and all the information regarding the report will help. If the credit report was obtained online many credit agencies now have online dispute forms. The credit card or bank then has a certain amount of days to dispute the charges and if they do not report back then the charges will be removed.
As a last course of action a customer can hire a professional to handle the reporting of a late payment. This is a last case scenario but can be very helpful if the above suggestions did not work out.
Do not let late payments on a credit report get in the way of the future!