Credit Report Late Payments….Correct?

How can I remove a 30 day / 60 day late from a credit report?

Jules

——————–

Hey Jules,

You neglected to tell me if the late payments were reporting accurately?  In other words, were you – in fact – late?  Also, is the account still opened or has it been closed, and how long ago were these late payments?  I’ll try to cover all the bases in three paragraphs.  Here goes.

As you may already know, there exists the option to dispute an account as ‘never late’ with the CRA’s.  If it’s a closed account and you’re disputing a 30-day late payment from a few years ago, then be forewarned that such a strategy could backfire.  While it’s true there’s a chance that the original creditor (OC) responds to the CRA’s ACDV with an update to your account as ‘paid as agreed’, there’s a greater probability that the OC won’t respond at all.  Watch out, if the OC fails to respond, then the tradeline will be deleted entirely from your credit report.  Depending on your mix of credit and overall credit profile, deletion of the tradeline could do more harm than good to your credit score.  Of course, a 60-day late would be a more serious matter (than a 30-day), and the more recent the occurrence the more damaging, so you’ll have to carefully weigh these factors before deciding whether or not to file a dispute with Equifax, Experian, & TransUnion.

Now for a situation that may be more common.  You really were late, and the account remains open and active.  Hold on for a second as I get my magic wand.  Oh, no – I don’t have one of those, but there’s a chance that a ‘goodwill letter’ could work just the same.  Do you prefer to write or speak?  No, I’ll ask a better question.  Have you ever been pulled over and talked your way out of a ticket?  If so, then congratulations, you’re just the diplomat to resolve this over the phone with the OC.  I don’t know the circumstances behind the missed payment (lost in the mail, he said she said, dog ate it, etc.), but an appeal to someone above the customer service grade will be necessary.  You’ll have to speak with a supervisor or one of the suits in the executive lounge, and be sure to express your loyalty and enthusiastic sentiment for their company.  Are you trying to buy a house and this bad mark alone stands in the way of your dream?  Whatever the case may be.

Now, if – on the other hand - letter writing is more your game, then Planetfeedback.com should be your name.  Planetfeedback.com states: “we’re committed in every way to ensuring your voice ‘is heard’.  We give you tools which allow you to send feedback to companies on any topic you choose”.  You gotta love the internet.  Planetfeedback.com becomes your advocate in assisting you to make a petition to big corporate America.  Two important points about Planetfeedback.com are: (1) you’ll have PR on your side, and (2) planetfeedback.com is free.  Also, did I mention that it’s free?  Yeah, the Broken Credit Blog likes free.  Anyway, create an account and remember that a ‘good will’ letter is trying to promote ‘good will’ between the OC and a consumer who wants to be brought back into the fold.

Oh, before I go, one final thought, and you must forgive me for stating the obvious.  If the payments in question were timely, then cancelled checks can prove your case.

Happy New Year everybody,

Paul

P.S. Don’t drink and drive.