Late payments affect your credit score for a long time. Can you remove them? It's possible, but finding and disputing errors yourself is hard. An easier way? Enlist the help of an experienced credit repair expert like Credit Glory.
What is a late payment (& why is it on my credit report?)
Your credit report is a reflection of your credit history — and whether or not you make payments on time. While you may think a missed payment is nothing to worry about, it can have serious consequences. Most lenders consider any payment at least 30 days past due as a late payment, which is reported to credit bureaus. If that happens, you might be in trouble.
How do late payments impact my credit score?
Late payments on your credit report seriously hurt your score, and missed payments can drop your score by as much as 100 points! The worst part? Late payments stay on your credit report for 7 years. That means you have fewer options for loans, and the ones you qualify for likely come with high (& expensive) interest rates.
What you can do about late payments on your credit report
While having late payments on your credit report is tough, there are ways to minimize the impact — and protect your credit. Things like:
- Write a goodwill letter - Writing a goodwill letter explaining your situation and taking responsibility is one method to get a late payment removed. However, creditors don't have to accept it, and it often works best if you already have a good credit history.
- Negotiating a settlement - Another way to get late payments removed is to negotiate a settlement with the collection agency. Agreeing to pay a partial settlement or the debt in full may get the mark removed, but be sure to get everything in writing first.
- Dispute errors on your credit report - If a late payment shows up on your credit report as an error, you have the right to dispute it. Disputing unverified debt yourself means contacting credit bureaus, which is a lengthy process.
- Partner with an experienced credit repair company - Checking your credit report for errors and disputing them yourself is challenging. Working with a credit repair expert (like Credit Glory) is an easier alternative to fixing your credit yourself.
Bottom line (& why it matters for you)
Late payments have a long-lasting effect on your credit. Luckily, you have options. You can check your credit report for errors and dispute them yourself — but this is hard (& time-consuming). The easiest way to dispute errors (& boost your score)? Working with a credit repair expert (like Credit Glory).
Boost your score with Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!
Get Your Negative Items Professionally Removed
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 958-1271 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.