How Do I Remove Late Payments from my Credit Report?

Question

Hello,

When I was in college, I took out a loan and paid it late. Today, I see the late payments on my credit report. The real kicker is that (1) it is my one and only blemish, (2) it happened a long time ago, and (3) I have paid every other account on time and as agreed since the year 2000.

Does anyone know any tricks that can be used to get these negative remarks removed from my credit report? I don't care if it's a dirty trick; I would like to at least try it!!!!!!

Thanks!


(By the way, the loan has been completely paid since 2003.)

Answer 1

First, keep in mind that the late payment will drop off on it's own at 7 years from the late. Which will leave the account showing as positive and in good standing for the rest of the reporting time.
If you are near that time, I would suggest leaving it alone and let them drop off naturally.
Your credit reports should list the date when that trade line will be moved into positive standing.

If you dispute with the CRA's as never being late, or write the original creditor and request the lates be removed - since the account is paid and closed, you run a very big risk of losing the whole trade line.

Answer 2

If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a "goodwill adjustment" improve the better your record with the company (and the better your credit in general). But it can't hurt to ask.

A longer-term solution for more-troubled accounts is to ask that they be "re-aged." If the account is still open, the lender might erase previous delinquencies if you make a series of 12 or so on-time payments.

Answer 3

You can write the creditor a letter and request that they remove the late payments. They may and they may not, it never hurts to ask.

Other than that, there is no way to remove correct information from a credit file. Only time, in your case 7-years from the last reported date of activity.