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Finance

Is it possible to take late payments off the credit records?

Late payments are like a negative impression on the credit reports. It indicates you made a bill disbursement beyond the actual time. It can tamper with your credit scores since it gets recorded by the credit bureaus.

But there are instances when late payments might not cause any harm to your credit ranking. There is nothing to borrow about the situation if you are punctual in making payments throughout.

Besides, if the late payment gets correctly recorded in your credit reports, you have to wait till a specific tenure. Removing a late payment is not possible before it completes the tenure.

Prevent yourself from paying late by getting hands-on loans with no credit check or guarantor. It means you must borrow money at your own risk and responsibility. Make this vital decision after taking note of different financial aspects.

To be watchful, keep reviewing your credit scores from time to time. Only then can you identify any inaccurate late payment record in your credit report.

This guest post will guide you on how to approach the credit reporting agencies to take late payments off your credit reports. If you are interested in working out ways to eliminate the red marks from your credit history, read it carefully.

Verify if late payments are correct or incorrect

Late payments will be displayed in your credit report if the lender informs the credit bureaus. At this point, either it is correct information reported by the lender or it is a mistake. The lender or the credit reporting agency may erroneously add the late payment in your report.

The rectification process is tough and lengthy if late payments are real. It might take seven years for late payments to get eliminated from your credit reports.

The late payments fixing process is easy to a great extent if it is incorrectly reported. You have to point out that it is a mistake and not your fault. Then, go ahead by filing a dispute.

Also, ask the credit bureaus to take out the incorrect records from your credit report. You can mail the entire thing in the form of a letter. Use certified mail to send this letter with a request for acknowledgement receipt.

This process may take time. But you can ask the lender to speed up the process by paying extra money. It will fast forward the report updating process.

This type of option suits someone who cannot wait longer due to home purchase obligations or other crucial life decisions.

Rectifying a correct late payment credit records

Honestly, rectification is not possible when late payments are real. The credit report agency cannot take the records out of the credit report. You can come across various tips and tricks you can apply to get rid of late payments. But unfortunately, these are false facts.

In this situation, the best trick you should follow is to prevent delays in disbursements. This way, you will not hurt your credit scores. Plan your expenditure thoughtfully. Work with a budget to keep scary late payments away from your happy life.

If your forgetfulness is the reason behind late payments, there is a solution for it. An automatic payment facility is there to explore. It ensures your payment gets completed within time. In short, you can overcome this setback with a smart tip.

Take a step ahead to build credit by paying off timely bills. Guaranteed loans with bad credit can accompany you when you want to clear off the pending payments. Take out a fair amount of loan that will not risk your financial condition later.

Still, you can approach the lender with two options which are:

A goodwill letter

You can send the lender a goodwill adjustment letter. Request the lender to remove the late payments. The chances of a lender approving your request depend on two factors:

  • If you have a favourable payment record with timely payments
  • If you maintain good communication with the lender

The letter should be simple with the reason stated for the delay in making payment. You should directly request the lender to ignore the late payment issue. Plus, assure them that you will not pay bills late in the future.

If you convince the lender, your credit reports will get adjusted accordingly. You don’t have to worry about it at all. But there is no surety for this.

The lenders are accountable for providing the correct information in the credit report. So, lenders might be unwilling to go against the norm. They can still consider if it is your first time. But that depends on the lender.

Pay for delete letter

It is another type of letter. It demands the deletion of late payment records by paying money. Choose this path when you struggle financially, and your payment record is not convincing.

This letter will act as a negotiation tool. You will make a proposal to pay off the debt in full to ensure the elimination of late payments from your credit records.

Rectifying an incorrect late payment credit records

Although it is a rare occurrence, there is no harm in reviewing credit reports for any mistakes. In case you spot any errors in the credit report, you can file for a credit dispute.

It is a mistake for sure if the late payment issue is not settled even after seven years. If wrong dates are entered, and debt amounts are misreported, such an incident happens. You are not the owner of the listed account, incorrect information about late payments, a duplicate account, etc.

You must know that the credit bureau should act within a month or 45 days of receiving the letter. They need to investigate to make sure about the dispute.

The bottom line

Lenders make decisions based on your payment history. It is a critical aspect when you think of getting financial assistance. In case of a late payment problem, make sure about its correctness first. After that, you have to take steps depending on the find outs.

You must not ignore late payments as they are dangerous. You may lose an opportunity if your credit report addresses this issue. 

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