Removing Late Payments

By: Chane Steiner
Most peopleknow that if they pay their bills late, their credit scores will suffer.? However, most people don’t know this:According to Credit.com, a single 90-day late payment is as damaging as a bankruptcyfiling, a tax lien, a collection, a judgment, or repossession. It doesn'tmatter if you're late paying a $50 credit card bill or a $2,000 mortgagepayment.? All that matters is that youwere 90 days behind in paying your due balance.

Paymentpunctuality counts for about 35% of your overall credit score. Paying bills ontime is generally the single most important contributor to a good credit score.Being late on any bill, for any length of time, is a possible sign of futurenon-payment of debt and is always viewed negatively by lenders. Late paymentsstay on your credit report for 7 years from the date of the initial missedpayment.

A 30 or 60day late payment will damage your credit score only while it is being reportedas currently past due. They usually don’t cause lasting damage to your creditscore after this period passes unless you make 30 or 60 day late payments on aregular basis.

If you onlyhave a few 30-60 day late payments listed on your credit report, the best thingto do is contact your creditors by phone and ask them to remove it.? Tell them a nice little story and ask themnicely to remove it. Follow the conversation with a written request to have theisolated late payments removed from your reports.? However, if you consistently make latepayments, it will probably take a little more effort.

Asmentioned, a 90-120 day late payment is extremely damaging.? At around 90-120 days, the creditor willusually write off the account and it will stay on your credit report as acharge off for 7 years.

If you areunable to get the creditor to remove the late payment history from yourreportsFree Web Content, there are a few other ways to do it. One of the best ways is todispute them with the credit bureaus.

Money Management
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Money Management