In today’s fast-paced world, everyone wants their desires to turn into a reality in no time. Whether it is buying a car or owning a home, today, these desires can be easily fulfilled with several loan options. Thanks to different credit facilities, making it is possible for everyone to access anything on credit! But every coin has two sides. Although credit or loan facilities provide the ease to enjoy access to your desired item, there are a few things to consider, or else you have to face the coin’s other worst side in terms of high-interest, issues in loan approval, and more. And one of the most important points gaining many’s attention is to remove late payment credit score from the report.
Yes, if any late payment has been listed on your credit report, it can distance you from several credit benefits and lower your credit score. And we all know the low credit score can make it harder for you to acquire a loan, mortgage, insurance, or even a job. Well, no one would want to face this situation. Right?
So, what’s the solution? How to remove late payment credit score from the report? If you’re tired of wandering from one site to another and find no solution to this problem, you have reached the right platform. Here we have discussed this topic in depth. Go through it! We are sure these points will help you remove late payments from your credit report.
Before we start, first, let’s learn more about late payment and its impact on credit scores.
Impact of Late Payments on Your CIBIL Report
When a person forgets the due date, late payments occur. But whatever the reason is behind the delayed payment, its impact will remain the same on the credit report. You may probably be aware of the fact that the data received by credit bureaus are not generated itself. It is usually sent by its member institutions. So, when a lender updates your account with late payment, this entire information is also transferred to the bureau report. You can easily imagine the outcomes of this late patent record in your report.
Saying precisely, late payment can have a short-term as well as an immediate impact on your credit report. But if late payment has become a part of your regular history, it can drop down your credit score. Let’s say you are 90 DPD. This number shows your record is already crashed, and building your credit score will require much effort, patience, and time. Not only this but in most cases, as a global standard, the late payments stay on record for seven years. Well, removing such a record is not as difficult as you think it is, but building your credit score would turn out into a far more complex task.
How to Remove Late Payment from Credit Score Report
The following points can help you achieve your goal. Check it out here-
Get a Copy of Your Credit Report
The first step is to access a copy of your credit report to check if any late payment in your report affects your credit score. You can get a free copy of your credit report once a year from the authorized credit scoring agencies. You can raise a request for your free credit report simply by visiting their official website. But a simple step of acquiring a credit report from an agency is not enough to remove a late payment from the report. There’re more steps to consider to accomplish the process.
Check Your Report for Errors
Once you receive a free credit report in hand, the next step is to check it thoroughly to see if any late payment is mentioned on the report. If any late payment is mentioned, check if it is valid or not. Sometimes, on-time payments are mistakenly mentioned as delayed payments because of some technical issues. It is important to keep a check on your report in order to maintain a good record.
Raise a Request
If you see any late payment on your report and you have good reason to remove it, the next move from your side should be to request the credit bureau formally. You can have a company by your side that can help you to verify the report. If they are unable to verify that a late payment on your credit report is valid, they have to remove the late payment credit score from the report. There is a high chance you might feel this task is a little tedious. But it is not as difficult as it seems. Today, the major credit reporting agencies allow an individual to request the removal of late payments from their credit report online.
Make Your Case with CFPB
If the above idea of raising the late payment removal request to the credit bureau reporting agencies doesn’t satisfy you, you can try the next idea. You can make your case for a late payment credit report error with CFPB (Consumer Financial Protection Bureau). This bureau offers a complete recourse benefit for consumers who face trouble fixing the late payment. But at the same time, you should keep in mind this whole process might take time.
Send the Dispute Directly to the Creditor or Lender
The next effective way on our list you can try is generating a dispute complaint with the creditor who specified a late payment. You can take advantage of these templates and send the letter directly to a creditor or lender. This process is easy and effective at the same time.
Ask for a “Goodwill” Adjustment
If you have made a late payment one or two times, you can simply write a straightforward letter to the creditor asking for forgiveness and to remove late payment credit score from the report. Well, there is a high chance that this idea may sound a little weird, but it works. After all, companies like to hear from a customer who has made a mistake. You can try this idea. We are sure they will work with you to fix the credit report.
Hire a Credit Card Agency
Before you sign up with one of these companies, you should know what they can and can’t do. For example, if a company says it can remove bad things from your credit report or make you a new one is probably breaking the law or scamming you.
Even if you have a clean record or were the victim of identity theft, disputing errors can take long. If your credit report is full of mistakes, credit repair companies like Active Credit LLC may be able to help.
Credit repair services can help you fight back against inaccurate negative information and handle creditor talks. There are, however, consumer protection laws that limit how and what a credit repair company can do. If you decide to hire one, keep in mind that they must follow these rules.
Final Words
A credit report shows the creditworthiness of an individual. If it includes the late payment, it can hurt your credit score and distance you from several credit benefits. It is necessary to take some necessary actions in order to avoid the late payment from the credit score report.
Above, we have covered everything you need to learn to remove late payment credit score from a report. You can try these ideas. If you’ve no time for this or find them a little tricky, you can simply get in touch with a professional company to handle your tasks. And when discussing the professional, Active Credit LLC will always be on the top of the list. They are reliable and trustworthy, professionals who can provide better assistance in fixing your credit report.