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Remove Late Payments from Your Credit Report
February 20th, 2009 by Matt DouglasLate payments are not created equal; a 30 or 60 day late pay will not damage your score much, and can often be removed. However a 90 day or 120 day late pay will cause significant damage to your score.
You can remove a 30 and 60 day late pay from your report by contacting the lender and asking them to erase it. Frequently they will do this in order to keep you as a customer and in their good graces.
We suggest a phone call and sending them a written letter with a brief explanation as to what happened. Additionally it will go a long way if you are polite and respectful during your communications.
A 90 and 120 day late pay is much more difficult to remove. However if your account is still open then you should contact the lender, and ask for removal of the mark.
It is a good idea to make sure your account is up to date before asking them to remove the item from your report. The lender will often look at your payment history to see if late payments are common with your account.
If the lender is not willing to remove the mark we suggest that you dispute it with the bureaus. You can do this be writing a dispute letter and sending it to each bureau or you can hire a service to do this for you.
This item will be on your report for a maximum of seven years. Additionally your account will be charged off after 180 days of delinquency.
The reason a creditor is able to remove this mark from your file is because they report to the bureaus monthly. Thus all they have to do is not report this negative mark, the next month.
You will find it very difficult to have the lender erase this mark if your account is not up to date. Additionally there is information that claims negative items on your credit must stay there for seven years.
This is not true; any item can be removed at any point in time, the maximum amount of time an item can remain on your report is seven years. There are a few exceptions such as a bankruptcy. The Fair Credit Reporting Act clearly says that the maximum amount of time is seven years. There is no minimum amount of time an item must stay on your report and can thus be removed at any time.
In sum we suggest contacting the lender to remove this item. If that can not be done then you should dispute it directly with the bureaus, through a dispute letter.
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