Removing a Late Payment from Your Credit Report

The last thing that you want to see on your credit report (aside from a pending debt or a bankruptcy record, of course) is a “late payment” entry. A “late payment” entry, after all, may affect your financial credibility. Not only does it has the potential to damage your financial reputation to future lenders, but it also has the possibility to strain your professional relationship with your current lender. Luckily for you though, a “late payment” entry can still be removed from your credit report. Here are some tips on how to remove a late payment from your credit report:

* Present an inaccuracy claim

Not all of the details found in your credit report are accurate. After all, the creditors who prepare them are still people, and are therefore capable of committing errors. If you think that the “late payment” entry in your credit report is inaccurate, then you should issue an inaccuracy claim to the creditor. If the creditor fails to disprove your inaccuracy claim, then the “late payment” entry will be removed from your credit report.

* Request a goodwill adjustment

If the creditor refuses to remove the “late payment” entry from your credit report, then maybe you should try requesting for a goodwill adjustment from your lender. To ask your lender for a goodwill adjustment, you need to compose a letter of request. Through the letter, you will enumerate and explain the reasons behind your late payment. If the lender accepts your reasons, then he or she will grant your request. The good thing about a goodwill adjustment is that it converts the “late payment” entry on your credit report into a “current payment” entry.