To get rid of late payments on a credit report, here are the key ways:
- You can only remove late payments if they are inaccurate or reported in error. In that case, you have the right to file a dispute with the creditor or credit bureaus to get the late payment corrected or deleted.
- Legitimate late payments cannot be removed early and will stay on your credit reports for up to seven years even if you bring the account current.
- If the late payment was due to extenuating circumstances and the account is now current, writing a goodwill letter to the creditor requesting removal of the late payment might work, though it is not guaranteed.
- Late payments that are tied to accounts fraudulently opened in your name may be removed after filing appropriate reports and disputes.
- Regular review of your credit reports from the three major bureaus (Experian, TransUnion, Equifax) is important to identify any inaccuracies for disputes.
- Filing disputes typically requires documentation like payment receipts or proof of timing, and bureaus generally resolve disputes within 30 days.
- If disputes don’t lead to removal, you can submit a consumer statement to your credit report explaining the situation.
- Late payments impact credit scores less as they age and will automatically fall off after seven years.
In summary, removal largely depends on whether the late payment is inaccurate or a goodwill adjustment is granted by the creditor. Legitimate late payments otherwise remain for 7 years but their impact declines over time.
