Learn how late payments hurt your credit & whether you can have them removed. Find out how Credit Rebirth helps dispute & remove errors on your credit report. Missed payments (even one) hurt your credit score. The worst part? They stay on for 7 years! Can they be removed? You can dispute & remove errors on your credit report. DIY credit repair is tough, it's easier w/help from a pro like Credit Rebirth!
What is a missed payment (& why is it on my credit report?)
Your credit report is a reflection of your credit history — and whether or not you make payments on time. While you may think a missed payment is nothing to worry about, it can have serious consequences. Most lenders consider any payment at least 30 days past due as a late payment, which is reported to credit bureaus. If that happens, you might be in trouble.
Missed payments seriously hurt your score, and missed payments can drop your score by as much as 100 points! The worst part? Missed payments stay on your credit report for 7 years. That leaves you with fewer options for loans & lines of credit. The ones you qualify for likely come with high (& expensive) interest rates.
Can you remove missed payments from your credit report?
While you can't dispute verified debts, you can dispute errors on your report. Finding inaccuracies can be tricky, so what do you look for? Common areas to check for errors include:
Inaccuracies w/account status
Finding these errors is tricky (& time-consuming). Working with a credit repair expert (like Credit Rebirth) speeds up & simplifies the process.
What you can do about missed payments on your credit report
While having missed payments on your credit report is tough, there are ways to minimize the impact — and protect your credit. Things like:
Write a goodwill letter - Writing a goodwill letter explaining your situation and taking responsibility is one method to get a late payment removed. However, creditors don't have to accept it, and it often works best if you already have a good credit history.
Negotiating a settlement - Another way to get late payments removed is to negotiate a settlement with the collection agency. Agreeing to pay a partial settlement or the debt in full may get the mark removed, but be sure to get everything in writing first.
Dispute errors on your credit report - If a late payment shows up on your credit report as an error, you have the right to dispute it. Disputing unverified debt yourself means contacting credit bureaus, which is a lengthy process.
Partner with a credit repair pro - Checking your credit report for errors and disputing them yourself is challenging. Working with a credit repair expert (like Credit Rebirth) is an easier alternative to fixing your credit yourself.
Bottom line (& why it matters for you)
Missed payments have a long-lasting effect on your credit. Luckily, you have options. You can check your credit report for errors and dispute them yourself — but this is hard (& time-consuming). The easiest way to dispute errors (& boost your score)? Working with a credit repair expert (like Credit Rebirth).