Your payment history on your debts accounts for 35 per cent of your credit score . Because of this, missing even one credit card payment can lower your credit score substantially. late payment can appear on your credit file for up to seven years. If you make a mistake and late payments appear on your file, you may be able to negotiate with your credit card company to remove the late payment notations and restore your good credit rating. If, however, you paid your bills on time yet late payments still appear on your credit file, you have the right to demand that the credit card company remove the derogatory notations immediately.
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Things you need
- Credit reports
Review your credit reports to determine how many late payments you currently have on record. The more late payments that are reflected on your credit report, the lower your credit score will be.
Make timely payments to your credit card company for a minimum of six consecutive months. Pay more than the minimum payment, if possible. This demonstrates that you are serious about keeping up with your debts and paying off your balances. The more trustworthy you appear, the more likely your credit card company will be to want to help you.
Make timely payments on all other debts that appear on your credit report. Your credit card company will periodically check your credit report to see if you are managing all of your debts responsibly.
Write a letter to your credit card company. Inform the company of your efforts to develop better debt management skills and request that your late payment record be removed. The company is under no obligation to remove the notations, but many will do so merely to keep you as a customer.
Removing Accurate Late Payments
Check your credit card statement to verify the date your payment is due every month.
Visit your bank and request a list of all payments debited from your bank account and the dates of the debits for the months that your credit card company claims that you paid late.
Compare the date the funds were withdrawn from your account with the date your credit card payment is due every month to ensure that your payment was made on time.
Call the credit card company and ask to speak to an account manager or supervisor. Explain the situation and inform the representative that you have written proof to back up your claim that the late payment notations on your credit report are inaccurate. Write down the name of the individual you speak with and request the appropriate address within the company to send your complaint and documentation.
Write a letter explaining that your credit report reflects late payments were issued to the company, yet your bank statement proves otherwise. Request that the inaccurate payment history be immediately corrected.
Highlight the sections of your bank statement that show the debit for your credit card payments and the date the funds were withdrawn. Also highlight the inaccurate payment history on your credit report.
Mail a copy of your bank statement and credit report along with your letter of explanation to the address given to you by the representative.
Call the company back in two weeks. Ask to speak to the same individual you originally spoke with about the situation. Verify that the inaccurate information has been corrected. If the negative information still appears within your credit history, remind the individual you speak with that The Fair Credit Reporting Act gives you the right to file a lawsuit against the credit card company for reporting inaccurate information if your payment history is not corrected.
Removing Inaccurate Late Payments
Tips and warnings
- Credit card company representatives deal with rude callers all day. If you are polite to the people you speak with, they are more likely to want to help you.
- Speaking with an account manager or supervisor is important. Occasionally the individual may have the authority to remove the inaccurate notation as soon as you call, without requesting documentation.
- Use a black marker to mark out any personal information, such as your bank account number or Social Security number that appears on the copies of your credit report and bank statement before mailing them to the credit card company.
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