Late payments are not created equal; a 90 day and 120 day late pay will cause your score to be dramatically lowered. However with a 30 day or 60 day late pay it will cause very minimal damage to your score.
This mark can be deleted by the lender as a way to keep your business and keep you happy. We suggest you contact the lender and ask them to delete the mark.
We suggest making a phone call and writing a follow up letter. In your letter you should supply a brief explanation and be polite and respectful, after all they do not have to remove the mark.
A 90 and 120 day late pay is much more difficult to remove. However if your account is still open then you should contact the lender, and ask for removal of the mark.
It is a good idea to make sure your account is up to date before making this request. Typically if the lender sees a history of late payments they will not remove it.
If the lender will not remove this item then we suggest you dispute it directly with the bureaus. This is done through a dispute letter; you can create it or hire a service to do it on your behalf.
This item will be on your report for a maximum of seven years. Additionally your account will be charged off after 180 days of delinquency.
A lender can remove this mark because they report monthly to the bureaus and can choose what to report to them. Thus if they do not report your late payment the next month then it will not be on your credit history.
Your only way of getting help from the creditor is if you account is currently in good standing. Additionally there is information about negative marks and that they will stay on your report for 7 years.
This is false, seven years is the maximum amount of time most negative items can remain on your report. The Fair Credit Reporting Act passed by Congress made this law. There is no minimum amount of time a negative item has to be on your report.
In sum if you can not negotiate removal of the mark directly with the lender you should dispute it with the bureaus. This is done through a dispute letter written yourself or by hiring a service to do it on your behalf.
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