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Can A Late Payment Be removed? It is something that happens to people on a daily basis without intent. Forgetting to pay a bill by the due date. Careless financial organization when it comes to your bills can result in a late payment being reported to the credit bureaus. It is important to understand how this works. Most revolving lines and credit cards have the same billing cycle every month, and this will give you the same due date month in and month out. If you miss that date, even by 1 day they will consider the payment late and will typically charge you a late fee. Some credit cards will even bump your interest rate up to 29.99% even for being just one day late. This information can be found in your cardholder agreement. In most cases you will not be reported to the credit bureaus until after the account is past due for 30 or more days. It is very important to remember to pay before the due date, because late fees and increased interest rates can have a negative affect on the account. They may even lower your limit because of a missed payment. The convenience of setting up automatic payments is something that can be utilized to ensure the account is paid every single month prior to the due date. This is the easiest and safest way to protect yourself from added fees, charges and inconveniences. If for some reason you fail to pay on time and are hit with a 30 day late payment, there is help available. Even just one late payment reported to Equifax, Experian, and Trans Union can result in a damaged credit score. The first thing you can do to try to fix the situation is to contact the company directly and ask for a goodwill adjustment. Explain your situation and the events leading up to the missed payment. If you are a long time customer in good standing with no prior missed payments they will be more likely to do this as a one time courtesy for you. It may take multiple attempts on the phone or in writing, but if you can get them to withdraw the negative reporting then your credit score will bounce back to where it was beforehand. If you call in to the company’s customer service line ask to speak with a supervisor, and then ask for contact information to the executive office. The supervisor may be able to handle your request, but more often you will need to speak with someone in the executive office. Be very sincere and honest, as they will appreciate that and be more likely to help you. If they tell you that they must report accurate information to the credit bureaus just remind them that there is no law saying that they cannot withdraw information and make changes. An understanding company official should be able to make the request for you. If your goodwill adjustment is denied, then you can turn to a credit repair company to help fix your damaged credit score. The law requires that only verifiable information is reported to your credit, and these companies have proven methods that can result in late payments being removed from your credit reports. This is a great option, especially if you have other credit issues. A professional company can work on the clean up and restoration of your entire credit file.

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