How to Remove Late Payments From Credit Report Sample Letter
Late payments of loans and credit advances can decrease your chances of getting loans in the future. This is because you end up losing your credit scores any moment you record late payments in your credit scores. Because late payment records stay on the credit report for up to 7 years, many people often struggle to find how to remove late payments from credit reports. Whether it’s a valid or invalid late payment record, you will always suffer when you record late payments in your credit report.
What are Late Payments in Credit Report?
If you fail to pay your loan or pay past the due date, a late payment record will be added to your credit history. While creditors often check your credit history as a procedure for giving out loans, your chances of getting a loan will be limited if you have a record of late payment in your credit report. An error or an issue of identity theft can also result in a late payment record in your credit history. No matter the reason, you need to know how to remove late payments from the credit report for your description of late payments.
How to Remove Late Payments from your Credit Report
Whether they are invalid or valid, late payments must be erased from credit reports to improve credit ratings. Because late payments may spoil your creditworthiness, you deserve to know how to remove late payments from your credit report. To understand how you can delete late payments from credit reports, read the numbered procedure below.
1. Examine your Credit Reports to Determine Late Payment Report
Before you think of starting the process of removing late payments from your credit report, you need to be sure whether the late payment records are genuine or fake. This is because sometimes, an error can bring a negative payment record to your credit history. You can get your credit report quickly from the credit bureaus if you express your request. You can also contact a credit repair specialist for more information on how you can review your credit history.
2. Identify Inaccurate Late Payment Report in your Credit Report
It is impossible to remove late payments from credit reports if the late charge is genuine. However, if the late payment record in your credit report is due to an error or an issue about identity theft, that late payment record is worth being removed. You need to scan your credit report keenly to identity late payment records that deserve removal.
3. Contact your Creditor for Removal of Late Payment from Credit Report
Contact your creditor to garner more information about the late payment records listed on your credit report. Whether you contact your creditor online or in person, you need to be polite as you show them the late payment errors you noticed in your credit record. Your creditor can remove the late payment record if they see there are certain inaccuracies.
4. File a Dispute with the Credit Bureaus
With the help of a credit repair company or professional, write a dispute letter and forward it to the credit bureau. You need to ensure you are convincing enough to sway the credit bureau into accepting your complaints about positive results. You won’t incur any costs in disputing wrong late payment information.
5. Write a Goodwill Letter to Remove Late Payment from Credit Report
The late payment history cannot be deleted from your credit report if it is genuine. TransUnion, a major credit company in the US, observes that if a creditor has correctly reported a client’s late payment information, then credit reporting agencies cannot remove that late payment history.
How to Remove Late Payments from Credit Reports: Letter Sample
The best thing you can do in such a situation is to write a letter justifying your late payment record to get them removed. While it is not a guarantee that this letter will bring positive results, you can always try it because you never know when luck is on your side. If you want to know how to remove late payments from your credit report, read the sample letter below.
(Account Number)-credit account Information
Date-Not part of the address
To whom it may concern
With utmost respect to you and your organization, I write to acknowledge an incidence of late payment recorded in credit history for account number XXXX, dated XXX. I wish to let you know I regret the late payment because I have recorded positive payment history for a very long time.
Having lost my entire business to burglars on the night of (Date), it has been challenging for me to carter for my financial obligations within their due time. Fortunately, my insurance company restored me to my previous financial status after compensating me for my loss.
I have since crafted many measures to prevent me from being caught up with late payment scenarios in the future. With my financial status restored, I plead with you to kindly make a goodwill adjustment by removing the late payment record from my credit history.
Because of my longstanding good relationship with your firm, I can never wish to have an adverse credit history again. Thank you in advance, as I wait for you to consider my humble appeal.
Name, contact information, and signature
How Late Payment Removal Request Letter Works
From my late payment removal letter sample, you notice that your letter will work if you express that you are sorry about your late payments and are determined to improve your payment history by paying on time. It would help if you also mentioned something that prevented you from paying within the timeline stipulated. After writing your late payment removal request letter, please send it to your creditor, who will then forward it to the credit bureaus on your behalf.
Additional Information: How to Remove Late Payments From Credit Report
Your credit history is a determining factor when it comes to accessing credit facilities. If you want to maintain a clean credit history, ensures you get rid of late payment histories as soon as they crop up in your credit reports. You can contact your creditor to remove the late payment record in your credit report if you notice some inaccuracies. However, if a late payment history is genuine, you should write a goodwill letter to request the removal of late payment history.
Frequently Asked Questions
Can late payment be removed from my credit report?
While late payment records can stay in your credit reports for up to seven years, you can permanently remove them if they are incorrect or if you can convince the credit bureaus about your request to improve your credit status.
Will my credit score increase after I remove late payments from my credit reports?
Depending on the number of days your late payment was recorded, the removal of late payments from your credit reports will bring a noticeable improvement in your credit score.