Can Late Payments Be Removed From My Credit Profile (Report)?

June 02, 2022

If you’ve ever missed a payment on a credit card, loan, or mortgage, you know what it’s like to have the late payment appear on your credit report. It makes it harder to get approved for new credit cards and loans.

But the good news is that there are options for removing late payments from your credit profile (report). You need to know how to remove bad credit from your report and use other methods to improve your score.

How Late Payments Get on Your Credit Report

When you miss a payment by more than 30 days, the lender reports a late payment to one or more of the three major consumer reporting agencies: Experian, Equifax, and TransUnion. These agencies then add the late payment information to your file, which affects your credit score.

To prevent a late payment from hurting your score, ensure you pay before the 30-day mark, although this may mean paying a late payment fee. You may also get a higher Annual percentage Rate (APR), although your credit won’t suffer.

If you have a track record of paying late, lenders may think twice before approving you for a loan or credit card. It can also limit your ability to qualify for other types of financing. If you have multiple accounts that are late, then it really hurts your credit score.

Removing Late Payments From Your Credit Profile (Report)

Is it possible to remove late payments from your credit profile? Yes! Here are some steps that you should follow to remove a late payment from your credit profile (report):

1. Get copies of your credit report.

To do this, you can go online and request a free copy of your credit report from each of the three major bureaus: Experian, Equifax, and TransUnion, by going to annualcreditreport.com.

2. Check for Errors in Your Credit Report.

If you find an error in your credit report, contact the reporting agency and ask for the removal of inaccurate information. The bureau then has 30 days to investigate the matter and make any necessary corrections or deletions from your credit profile.

3. Dispute the Late Payment

Contact the company that reported your account as late and tell them that you would like to dispute the late payment. You need to provide documentation proving that you paid on time or never received the bill. Keep copies of everything you send them as they may come in handy someday.

4. Write a Goodwill Letter

A goodwill letter is an informal letter that explains why you were late with a payment. Include details about any circumstances that contributed to your being late, such as medical emergencies or natural disasters that interrupted your ability to pay on time.

It’s best to send this letter along with proof of what happened, such as copies of receipts from medical bills or pictures that help you prove your case.  Address the letter directly to the creditor who reported the late payment and include your name, address, and telephone number. Keep copies of all correspondence related to this issue in case you need them later on when disputing a negative item on your report.

5. Request to Opt-In for Automatic Payments.

Negotiate to have your late report account removed by letting your creditor know that you would like to sign up for automatic payments. This makes it easy for the creditors to automatically deduct the amount every month. The automatic payment option helps improve your credit score, and you won’t worry about late payments.

6. Let It Go Away Automatically

When the late payment on your credit report is accurate, the negative mark stays on your report for seven years from when it first appeared. The good news is that the severity of the late payment diminishes with time.

If you continue making on-time payments, you will see that your credit score improves. With time, creditors will not use that late payment as a basis for giving or denying you a loan.

7. Let a Professional Help You

A credit repair agency like the Ascent Network helps you dispute information on your report that isn’t accurate. They negotiate with the creditors on your behalf so that they can remove the late payments and other negative items from your report. Remember, a credit repair agency won’t do anything you wouldn’t do, and any agency that guarantees the removal of all late payments is a scam.

Our Bottom Line

Late payments are damaging information that appears on your credit report. If you have late payments on your credit report, it’s time to fix the problem so you can bring your credit score up!

A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call at 1-877-871-2400. Ascent Network helps consumers all over the United States. It is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.