Credit reports play an essential role in your credit status. Whenever you want to get a loan or borrow money, creditors will review your credit report. The smallest negative information can have powerful adverse effects. Late payments are one of those effects that you should try to remove them from your credit report.
There are some tasks you can do to remove that information. In this article, we are going to describe the methods of removing late payments from the credit report.
The ultimate guide to removing late payments from credit report:
Check your credit reports regularly
Checking your credit reports periodically is essential for your credit’s health. For a credit repair, credit boost, and borrowing a loan, you depend on your credit report. It is crucial to maintain a safe and sound report. Specialists suggest reviewing your reports monthly.
Try to get a report of your credit history from all three main credit bureaus. Because you may have different reports at a time. Look for inaccurate information on your reports. Probably the negative information would be marked in some way.
Search for old information
Check your credit report’s old information. Most of the time, people check their recent reports. However, they might be an early error in your credit report that you haven’t noticed. Moreover, if there is an accurate late payment report, it should be erased after seven years. If there is a late payment that accrued more than seven years ago and still stays on your report, you should ask to delete it.
Dispute the incorrect reports
After you observed your reports correctly and found the errors, you should dispute the errors with credit agencies. Get your reports from all the three main agencies (Experian, Equifax, and Transunion). Because they may issue different reports at a time. If you are not into this kind of discussion or you do not have the time and knowledge to dispute the inaccurate late payments on yourself, you can hire a credit repair company.
The credit specialists at credit repair company have the required expertise and experience for removing these inaccurate, false late payments from your report.
If the late payment report is accurate:
If the late payment reports are false, you can remove them by following the above guide. However, if the negative information is correct, it will probably stay on your history for seven years. But still, there are some ways you can try, and if you are lucky, you can remove the late payment reports.
Set up automatic payment
If you forget to make your payments or are hesitant in paying your bills, you can set up an automatic payment system. This way, you ensure that you are going to pay your debt on time and in full so that the negative information may be cleaned.
Moreover, the older the late payment is, the less effective it becomes. If you prove that your late payment was for past time and you have built a good credit after that, eventually it cannot make that much problem for you.
Write a letter
This may be the first solution you may hear. Write a letter to the credit agency and explain why you could not make your payments online. This method might sound easy and geat. However, most of the time, it is not useful at all. Because the credit agencies are required the report the late payment, anyway.
If you find out about the late payment before it gets on your credit report, access your credit issuer. Explain the reasons why you could not make your payments on time and prevent further problems.
Pay for erasing
You can pay a debt collection agency to remove the late payment from your credit history by paying off the account. Nevertheless, I don’t recommend this method since the credit agencies must report the late payments. Moreover, this method at best may delete the paid collections account, and the original ones will remain.
Removing late payments from your credit report is not a big deal if the information is inaccurate. You can quickly review your reports, find the false information, and dispute it. Moreover, you can hire a credit repair agency to dispute this incorrect information for you.
However, if late payment is accurately reported on your credit report, there is not so much to do. It will remain there for seven years.
If you are having difficulties managing your credit and finance, we strongly recommend you to get credit counseling. You can try our free counsellings.
Finally, try to check your reports regularly to find out about the errors before it’s too late.