Posted on: 28th Nov, 2007 04:59 pm
if i am now making on time payments how can i get them to go back and remove those old lates?
Hello Mara,
Welcome to MortgageFit,
Your question is how do you remove lates if you started making payments on time?
The lates that occured prior to you making (payments on time) cannot be removed from your Credit Report if they are valid lates. The only time lates can be removed is when the lender is at fault. The lender must acknowledge and confirm that they were at fault and submit a letter stating that. The Lender will also report this information to the three credit reporting agencies. Usually, in 45 days the lates will be removed and credit score rescored.
Jean
Loan Officer
Welcome to MortgageFit,
Your question is how do you remove lates if you started making payments on time?
The lates that occured prior to you making (payments on time) cannot be removed from your Credit Report if they are valid lates. The only time lates can be removed is when the lender is at fault. The lender must acknowledge and confirm that they were at fault and submit a letter stating that. The Lender will also report this information to the three credit reporting agencies. Usually, in 45 days the lates will be removed and credit score rescored.
Jean
Loan Officer
Welcome Mara,
I have to agree with Jean. Keep making the payments on time and your score will increase. The lates will be very difficult if not impossible to remove if they were actually late payments.
Be wary of any company that assures you they can get them removed. In a few cases they can actually have them removed only to have them show up again later on your credit.
I have to agree with Jean. Keep making the payments on time and your score will increase. The lates will be very difficult if not impossible to remove if they were actually late payments.
Be wary of any company that assures you they can get them removed. In a few cases they can actually have them removed only to have them show up again later on your credit.
I would never recommend going through the lender...
You can submit the erroenous disputes with the credit agency directly.
They store, update, and delete information on your credit report.
NEVER mess with the creditor or collection agency. They will stall you or disregard your dispute attempts.
Most times the credit agencies will remove the lates if the creditor doesnt respond in a timeframe. You can see it remove/updated within 2-3weeks.
Sending a dispute letter to the creditor and credit agency (at the same time) can bring the negative information BACK on your credit report.
You can remove positive information from your credit report BUT disputing valid information on your credit report is illegal.
You can submit the erroenous disputes with the credit agency directly.
They store, update, and delete information on your credit report.
NEVER mess with the creditor or collection agency. They will stall you or disregard your dispute attempts.
Most times the credit agencies will remove the lates if the creditor doesnt respond in a timeframe. You can see it remove/updated within 2-3weeks.
Sending a dispute letter to the creditor and credit agency (at the same time) can bring the negative information BACK on your credit report.
You can remove positive information from your credit report BUT disputing valid information on your credit report is illegal.
mara,
Like Jeanette and Michelle said you can not remove correct data from a credit report. If you were late you were late. The best thing to do is keep paying on time when it comes to refinancing lenders require a 12 month mortgage history. In those past 12 months they want to know how late you were and how often. the more lates and amount of time you were late the higher the intrest rate you will be offered. if you have a clean 12 month current history, that is no 30 days past then you will be put into the top tier of most lenders for what your credit score is.
The best advice I can give always pay your mortgage on time, then your car payments then your credit cards when money gets tight. your credit scores are weighted respectively.
Like Jeanette and Michelle said you can not remove correct data from a credit report. If you were late you were late. The best thing to do is keep paying on time when it comes to refinancing lenders require a 12 month mortgage history. In those past 12 months they want to know how late you were and how often. the more lates and amount of time you were late the higher the intrest rate you will be offered. if you have a clean 12 month current history, that is no 30 days past then you will be put into the top tier of most lenders for what your credit score is.
The best advice I can give always pay your mortgage on time, then your car payments then your credit cards when money gets tight. your credit scores are weighted respectively.
If you have made a series of on time payments since the late payments, it is worth asking the creditor to remove the lates via a goodwill letter. Basically you are asking them to do you a favor and remove the late payments because you have made on time payments since the time you were late. This has a higher tendancy to work if it was an isolated late, which was in error, and upon noticing it you quickly/immediately made the payment... but it has been reported to work in situations where there was extenuating circumstances surrounding the late payments as well. It is not a guarantee, but just an idea one might want to use to improve their credit situation.
Guest,
That is a great tip as well.
That is a great tip as well.
There are a lot of companies that claim they can repair your credit and charge a monthly fee. These companies challenge items on your bureau 1 item at a time and usually drag it out over several years.
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They can be erased. Check out the posting above.
They are always there, but if you continue to make your payments on time your credit score will reflect this and you will be well on your way to recovery. Goodluck, hope you see a positive out come soon.
The late payments will remain on your credit report for 7 years but your credit will improve as these lates become older. For example a late payment last month will negatively affect your credit more than if it were a year ago and so on. So it will take time to rebuild your credit. Keep in mind that every on time payment you make from this point is improving your credit rating.
The only other thing you may want to do is dispute the entire tradeline but if it is removed then the whole payment history will not report even the payments you will be making in the future. Sometimes it is better to have good and bad payment history as opposed to none. I wouldn't bother with this route but thought I would bring it up as it would be an option.
The only other thing you may want to do is dispute the entire tradeline but if it is removed then the whole payment history will not report even the payments you will be making in the future. Sometimes it is better to have good and bad payment history as opposed to none. I wouldn't bother with this route but thought I would bring it up as it would be an option.
It IS possible to get lates deleted. Your best option is to send a goodwill letter to the OC (original creditor). Your second option is to dispute that account, but that is a huge risk as the entire line may be deleted from your file.
Rewrite this using your own information:
Date
Regarding: Account No. XXXXX
Sears NAAC
ATTN : Credit Bureau Desk
13200 Smith Road
Middlebrook Heights, OH 44130
To Whom It May Concern:
I am writing a letter about my experience with Sears that is a mixture of a grateful "thank-you" and a pressing request concerning a Sears Charge Card trade line in my credit files that I would like to have revised.
I received the Sears card in [YEAR], several years before I [CHAOTIC LIFE EVENT -- A MOVE, A BIRTH, MEDICAL SICKNESS, ETC.]. Later when I experienced the [CHAOTIC LIFE EVENT] and while working on [WORK PROJECT], I became disorganised with respect to, as you saw, making timely payments with Sears. I fully recognise my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with Sears since that time.
To be honest, that year was a "wake-up" call for me regarding fiscal organisation. Since then I believe I have learned the essential organisational and financial management principles I desperately needed at that point. Thankfully, responsible credit management is now reflected in my credit records which -- excluding the Sears card late entry -- are excellent. I wish to thank you for renewing your confidence in me and for giving me a second chance at a relationship with you, one that I am determined to keep spotless.
We are about to shop for a mortgage, and it has come to my attention that the late notations from Sears may preclude me from taking full advantage of the very lowest interest rates now available. Since those notations do not reflect my current status with Sears, I am requesting that you give me a second chance at a positive credit rating by revising those trade lines. Your customer service representative suggested that I write you for a "goodwill adjustment." I sincerely hope that there is redemption at Sears, and I beg you for such consideration. Please let me know if any additional documentation would assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.
Very hopefully yours,
Name
Address
City, STATE ZIP
Rewrite this using your own information:
Date
Regarding: Account No. XXXXX
Sears NAAC
ATTN : Credit Bureau Desk
13200 Smith Road
Middlebrook Heights, OH 44130
To Whom It May Concern:
I am writing a letter about my experience with Sears that is a mixture of a grateful "thank-you" and a pressing request concerning a Sears Charge Card trade line in my credit files that I would like to have revised.
I received the Sears card in [YEAR], several years before I [CHAOTIC LIFE EVENT -- A MOVE, A BIRTH, MEDICAL SICKNESS, ETC.]. Later when I experienced the [CHAOTIC LIFE EVENT] and while working on [WORK PROJECT], I became disorganised with respect to, as you saw, making timely payments with Sears. I fully recognise my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with Sears since that time.
To be honest, that year was a "wake-up" call for me regarding fiscal organisation. Since then I believe I have learned the essential organisational and financial management principles I desperately needed at that point. Thankfully, responsible credit management is now reflected in my credit records which -- excluding the Sears card late entry -- are excellent. I wish to thank you for renewing your confidence in me and for giving me a second chance at a relationship with you, one that I am determined to keep spotless.
We are about to shop for a mortgage, and it has come to my attention that the late notations from Sears may preclude me from taking full advantage of the very lowest interest rates now available. Since those notations do not reflect my current status with Sears, I am requesting that you give me a second chance at a positive credit rating by revising those trade lines. Your customer service representative suggested that I write you for a "goodwill adjustment." I sincerely hope that there is redemption at Sears, and I beg you for such consideration. Please let me know if any additional documentation would assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.
Very hopefully yours,
Name
Address
City, STATE ZIP
the entire credit line CAN be deleted IF you state that it's not yours or if you have 'no knowledge of the account'.
By disputing that you have 'never been late' will not remove your credit line.
By disputing that you have 'never been late' will not remove your credit line.
How can they say they have no knowledge of the account if they actually had the account? The sample letter by bobby is a good example of a "goodwill letter" Hope it all works out.
Boy if it were only that easy, I think the letter is a great idea, but don't think that it will change a thing. Establishing new accounts and paying them on time is the only way to really increase your credit score.
it is that easy...I'm writing from experience.
"Establishing new accounts and paying them on time is the only way to really increase your credit score." Only applies if you have no negative accounts on your credit file.
"Establishing new accounts and paying them on time is the only way to really increase your credit score." Only applies if you have no negative accounts on your credit file.