The general psychology is the late payments do not affect the credit history. The truth however is uglier and opposite. The damage caused by late payments is very high in the credit history of a person. The sum late paid is not as significant as the days of delay. Late payment of 90 days or more is as damaging as filing for bankruptcy. For a healthy credit score removing late payment is very important.
Punctual payments from about 35% of your credit score ratings. Late payment of any sort of credit is usually viewed as an indicator that you might default the payment in future, and thus it negatively affects your credit history. More importantly, one small late payment will remain in your credit history for as long as 7 years, making your credit scores dwindle for 7 years.
There are not many ways to remove the late payments, but the ones available ensure that your credit history does not go to toss for small mistake from your side. The most common way for removing late payment from your credit history is by contacting the creditor with your reasons for late payment along with a written application explaining your late payment. Usually for occasional 30 days to 60 days late payments are adjusted and erased by the creditors.
One more method for removing late payment is through negotiation with the creditor. When you delay regularly or the delay is more than 90 days a simple request for removal would not work. The creditor will remove your late payment only for a solid reassurance for no such repetition in future. Thus, offering to sign up for automatic payments in future will help your late payment removed.
Finally, you can dispute for the late payment shown in your account as inappropriate or inaccurate with the credit bureaus. Though this is not a good method to follow, but this might help in removal of your late payment if your creditor is not able to verify the exact amount late paid by you.
Punctual payments from about 35% of your credit score ratings. Late payment of any sort of credit is usually viewed as an indicator that you might default the payment in future, and thus it negatively affects your credit history. More importantly, one small late payment will remain in your credit history for as long as 7 years, making your credit scores dwindle for 7 years.
There are not many ways to remove the late payments, but the ones available ensure that your credit history does not go to toss for small mistake from your side. The most common way for removing late payment from your credit history is by contacting the creditor with your reasons for late payment along with a written application explaining your late payment. Usually for occasional 30 days to 60 days late payments are adjusted and erased by the creditors.
One more method for removing late payment is through negotiation with the creditor. When you delay regularly or the delay is more than 90 days a simple request for removal would not work. The creditor will remove your late payment only for a solid reassurance for no such repetition in future. Thus, offering to sign up for automatic payments in future will help your late payment removed.
Finally, you can dispute for the late payment shown in your account as inappropriate or inaccurate with the credit bureaus. Though this is not a good method to follow, but this might help in removal of your late payment if your creditor is not able to verify the exact amount late paid by you.
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