Here’s How You Can Remove Late Payments from Your Credit History

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Your credit score has a lot to do with the financial credit that you can get. If your credit score is low then it can get really tough for you to get financial credit and you may have to increase your score and apply again. There may be numerous reasons for low credit score and one of them is late payments. You may be making the payments but paying them late can hamper the credit score that you get. Thus you need to make sure that the next time you make payment, it is on time.

The credit score depends mainly on your previous payment history and if there are late payments in it then your credit score will go down. A late payment of your credit card bill or your home loan installment can have an impact on 90-100 points on your credit score. The more the late payments, the more the drop will be on your credit rating score.

 

Recent late payments have a bigger impact on the credit score as compared to the old ones. Hence it is advised that recent payments should always be made on time to save the credit rating score. However, there are certain ways in which you can get rid of the late payments from your credit report card in order to improve your credit rating score for any future financial assistance that you are looking to get.

Request for Goodwill Adjustment

This particular way of removing late payment serves well for those people who in the past have made all their payments on time and only this time around they got late. Thus as a goodwill gesture, they may request the financial lender to remove the late payment from the payment list keeping in mind the previous track record, as discussed here https://aaacreditguide.com/late-payments/.

In order to do this, the customer needs to write a letter to the lender explaining the situation that they had incurred an expense that was not foreseen previously or any other issue. Lenders often don’t want to part ways with such customers and remove the late payment as a goodwill gesture.

Sign up for Auto Payments

This is the situation that can be done as it often turns out to be a win-win situation for both the parties. By agreeing to auto payments, your bills will be paid automatically every month so the lender does not have to worry about late payments or anything. And in return, your late payment will be removed so that your credit score does not go down.

Seek Help of Credit Repair Companies

You can always go and seek the help of professionals who will take a certain fee and then provide you with a way to remove your late payments. This is helpful if you believe that you can’t remove late payments on your own.

Take the Matter to Credit Bureau

Another thing that can be done if you find any discrepancies in your credit bill is to take it up to the bureau. Once you take it to them, you will get an answer within a month according to the law.

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