Having late payments on your credit report can be very detrimental to your credit score. 30 and 60 day late payments are not as damaging to your credit score as 90 and 120 payments are, but all late payments can drag your score down. A 90 day late payment can sometimes be as detrimental to your credit score as a bankruptcy. Therefore it is important that you do everything you can to get these negative items removed from your credit report.
30 and 60 day late payments usually only damage your credit score when they are currently past due. These short term late payments don’t generally have a lasting negative impact on your credit score unless you constantly have late payments.
To maintain a good credit score it is very important to pay all your bills on time. Payment history accounts for approximately 35% of your credit score. The fact that payment history is so heavily weighted in credit scores is the reason why you must work hard to have any late payments removed if you go through a financial hardship and fall behind on your payments.
Late payments can be reported for a maximum of seven years on your credit report. The Fair Credit Reporting Act sets this rule. There is no minimum amount of time that a late payment must be reported. They can be removed at any time. The way that late payments are removed from your credit report is simple. Creditors just stop reporting them in their updates with the major credit bureaus. If they don’t report the late payment, it doesn’t show up on your credit report. It is as simple as that.
If you have any 30 or 60 day late payments on your credit report you should contact your creditors and request that they remove them from your credit report. Explain to them why you were late and follow your phone call up with a letter requesting that they remove the late payment. Creditors will often cooperate in order to keep your business. In order for a late payment to be removed you will need to be current on your account. Your creditor is not going to remove a late payment if you are still behind in your payments. If this is the case you will need to bring your account current by making a payment before you can get the late payment mark removed.
It is harder to get 90 and 120 day payments removed, but those are the most damaging. If your account is still open with your creditor, contact them and request that they remove the late payment. Usually once an account becomes 90 to 120 days past due the creditor closes the account and sends it to a collection agency. There will be a charge off on your credit report for up to seven years. If your lender refuses to remove the late payment you can try sending a dispute letter to the credit bureaus asking that it be removed that way.