How To Get Late Payments Removed From Your Credit Report

Late payments are stressful for everyone. They can also have a very negative impact on your credit score. Perhaps you’re looking to buy a new house or car with a mortgage? Regardless, you’ll need to make sure you have a good credit score. Luckily there are some options for you to improve your rating, including working with a credit repair company.

Removing Late Payments from your Credit Report

  • Goodwill adjustment
  • Pay for delete letter
  • Wait 7 years 

Goodwill Adjustment

One of the first things you can do when you’ve made a late payment is to send a goodwill letter to your creditor. You’re essentially asking them to forgive you and remove the bad report from the credit bureaus’ records. This can be a useful approach if you are on great terms with your creditors and have a solid history of good payments. Alternatively, you could appeal to their human side if you’ve recently experienced a tragedy or trauma. Even creditors are human although of course, this tactic doesn’t always work. 

Pay for delete letter

A more solid approach is to use a pay for delete letter. Essentially, you’re proposing to pay in return for your creditors to remove your bad debt report. Clearly, they don’t have to agree with this strategy. Also, it might be worth noting that whilst it’s completely legal, the credit bureaus do tend to frown upon it. 

Wait 7 years

If you’re not looking to get a loan or a mortgage then you can simply wait. All records and bad payments are automatically wiped off your credit report after 7 years. Basically, your account remains, if it’s still current, but the late payments disappear. Naturally, this approach won’t work for everyone but it’s worth bearing it in mind if you’re not in a hurry. 

Reasons for working with a credit repair company

  • Legal knowledge 
  • Deal with paperwork
  • General financial advice 
  • Save time

Legal knowledge 

A credit repair company has highly experienced teams who not only know the law but also how your payments impact your credit score. They can therefore focus on the high-impact items and advise you on the best strategy. Either way, they’ll know all the ins and outs about maximizing your approach and getting you the best score possible for your situation. 

Deal with paperwork

No one wants to deal with paperwork. Furthermore, it can all get very complex especially if you uncover any creditor malpractice. On the other hand, a credit repair company does everything on your behalf including legal proceedings, should you need them. 

General financial advice 

A great credit repair company can also offer you some advice for trying to avoid getting back into this situation. There are always things that we can all do to improve our financial situation and approach. It’s not necessarily easy but it’s worth it if it gets the creditors and collection agencies off your back. 

Save Time 

Last but not least, the huge advantage of working with a credit repair company is how much time you’ll save. Some of these proceedings could take months. However, a credit repair company knows how to keep things moving effectively and without wasting your time and energy. Also, if you’re feeling overwhelmed by everything then simply having someone by your side can be hugely reassuring. 

What to Check when Choosing a Credit Repair Company

  • Licensed 
  • Money-back guarantee
  • Track record 

The first thing you need to check when choosing a credit repair company to work with is whether they are registered with the Department of Justice. Sadly, there are some rogue companies out there so make sure you confirm their license. Furthermore, you can do an extra check by looking them up on the Better Business Bureau website. Simply look for their rating and remember that accreditation isn’t necessary. 

Another thing to look out for are their guarantee terms as well as their contract terms. Make sure that there’s a specific timeline and that you can claim your money back if you don’t get any results. The fact that the good ones guarantee your money back in full is a sure sign of confidence in their capability. 

Finally, you should also do a bit of research to see how long the company has been around and if you can find any reviews and referrals. If you can’t see anything online then there’s nothing stopping you from asking the credit repair company directly. 

Final Thoughts on working with a credit repair company to Fix your Credit Report 

Dealing with debt and late payments is never an easy time of our lives. However, like everything in life, there are options. Luckily for us there are even companies who are willing to help us through these tough times. So, do your research, talk to a few credit repair companies, check their licenses and then see which one you feel could be right for you. At the end of the day, you also need to be comfortable working with them. You’ll then have a plan and a strategy for your future in no time at all.