Remove Late Payments
Late payments are not created equal; a 90 day and 120 day late pay will cause your score to be dramatically lowered. However with a 30 day or 60 day late pay it will cause very minimal damage to your score.
This mark can be deleted by the lender as a way to keep your business and keep you happy. We suggest you contact the lender and ask them to delete the mark.
A phone call and a letter including the reason is the most effective method. Also be respectful and nice to them because they do not have to remove this mark.
A 90 or 120 day mark is much harder to erase. If you account is still open, we suggest you contact the lender.
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 you can not get the mark removed we suggest you dispute it directly with the credit bureaus. This is done by creating a dispute letter and mailing it to each bureau or you can hire a service to do this on your behalf.
The negative item will be on your report for a maximum of seven years. Your account will go to a collection agency 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 false, seven years is the maximum amount of time most negative items can remain on your report. The Fair Credit Reporting Act passed by Congress made this law. There is no minimum amount of time a negative item has to be on your report.
In sum the first step is contacting the lender, if you still have the account, and then if that is unsuccessful dispute it directly with the bureaus.
This mark can be deleted by the lender as a way to keep your business and keep you happy. We suggest you contact the lender and ask them to delete the mark.
A phone call and a letter including the reason is the most effective method. Also be respectful and nice to them because they do not have to remove this mark.
A 90 or 120 day mark is much harder to erase. If you account is still open, we suggest you contact the lender.
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 you can not get the mark removed we suggest you dispute it directly with the credit bureaus. This is done by creating a dispute letter and mailing it to each bureau or you can hire a service to do this on your behalf.
The negative item will be on your report for a maximum of seven years. Your account will go to a collection agency 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 false, seven years is the maximum amount of time most negative items can remain on your report. The Fair Credit Reporting Act passed by Congress made this law. There is no minimum amount of time a negative item has to be on your report.
In sum the first step is contacting the lender, if you still have the account, and then if that is unsuccessful dispute it directly with the bureaus.
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For more tips to Improve Credit Score or to read a review of the popular credit repair service Lexington Law visit us. You can also get a free credit repair consultation by calling 1-866-246-7311.
posted by Debt Consolidation Loan at
12:42 AM
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