馃攳
Removing a Late Payment From Your Credit Report | Credit One Bank - YouTube
Channel: unknown
[0]
Removing a late payment
from your credit report.
[3]
Even a single late payment
appearing in your credit reports
[6]
can adversely affect your credit score.
[9]
That information can stay
in your credit reports
[11]
for up to seven years, and
even if you make up the payment
[15]
to bring your account current,
a creditor has no obligation
[18]
to remove the late payment information.
[21]
Is there a way to get
a late payment removed?
[24]
The answer is a resounding maybe.
[27]
If you have a late payment
in your credit reports,
[30]
here are a few things you
can try to get it removed.
[34]
Dispute inaccurate information.
[37]
If you believe a creditor reported
[39]
a late payment inaccurately,
you can dispute it
[42]
with the credit bureaus
reporting the information,
[45]
the creditor supplying
the information, or both.
[48]
Include as much detail as possible,
[51]
including which information
you're questioning, and why,
[54]
also include any supporting documentation
[57]
that supports your case.
[59]
The credit bureaus with
whom you're disputing will
[62]
then review the information you provide,
[64]
and investigate your claim
[66]
to determine whether the
information is accurate.
[69]
Dispute old information.
[72]
Late payments should disappear
from your credit reports
[75]
after seven years.
[77]
If one is still appearing,
[78]
it violates the Fair Credit Reporting Act.
[81]
You can dispute outdated information
[84]
with credit bureaus using
the same dispute process.
[87]
Negotiate with your creditor.
[90]
If late payment information is accurate,
[92]
a creditor has no obligation to remove it,
[95]
but that doesn't mean you can't negotiate
[98]
with them to do so.
[99]
If you haven't yet made
up the late payment,
[102]
you may be able to convince the creditor
[104]
to remove it in exchange for
bringing your account current.
[107]
This may be a more
attractive option to them
[110]
than potentially not getting paid.
[112]
If you do reach an agreement,
get the agreement in writing.
[117]
Ask a creditor to remove a
late payment out of goodwill.
[121]
This differs from negotiating,
[123]
and that you have no
leverage other than appealing
[126]
to the creditor's empathy.
[128]
The better customer you've been,
[130]
the better chances the
creditor will work with you.
[133]
On the other hand,
[134]
if you've been a habitual
late payer over the years,
[137]
odds are probably not
good they'll remove it.
[141]
Request to remove late
payments are typically done
[144]
through a goodwill letter
although it can be done via phone,
[148]
or email as well.
[150]
Explain why your payment was late in a way
[153]
that hopefully elicits
compassion from the creditor.
[156]
Being pleasant, courteous
[158]
and contrite will
obviously serve you better
[161]
than being unapologetic,
demanding, or rude.
[164]
Tips for avoiding late payments.
[167]
One, mail your payment early,
[170]
well before the due
date, which is the date
[173]
the payment must be
received by not mailed.
[176]
Two, pay online or by phone.
[179]
These are both faster than
sending a check through the mail
[183]
and your payment is typically
posted within a day or two
[186]
of making the payment.
[188]
Three, set up payment notifications.
[191]
Customizable notifications
can let you know via email,
[195]
text, push notifications,
or all three when it's time
[199]
to make a payment, as well as
when your payment has posted.
[203]
Four, change your payment due date.
[206]
If the due date is an issue,
[208]
consider changing it to
a more convenient date,
[211]
say closer to when you get paid.
[215]
Five, set up auto pay.
[216]
By setting up automatic payments,
[218]
you don't even need to think about it,
[220]
just make sure there's enough
money in your bank account
[223]
to cover your payment each month.
[226]
A late payment can be a black
mark in your credit reports
[229]
that could keep you from
getting more favorable terms,
[232]
or interest rates, or prevent you
[235]
from getting credit altogether.
[237]
Since there's no guarantee
[239]
of getting a late payment removed,
[241]
your best course of action
is to avoid making one in
[244]
the first place by paying
your bills on time every time.
[249]
(cheerful music)
Most Recent Videos:
You can go back to the homepage right here: Homepage