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How To Improve And Recover Your Credit Score After Late Payment?

  • November 19, 2017
  • Credit Score, Avoid Late Payments, Automatic Payments

The largest factor effecting the credit score is your payment history. If you had done any late payment, then your credit score will get suffer. This is because credit score is determined by how timely you are paying all your bills. If there is any late payment done by your side, then this article will help you sort that matter as we will be discussing different approaches to improve and recover the low credit score due to late payment history.

How does credit score gets affected by late payments?

The one late payment can devastate your all payment history and credit scores. Whenever you are late from paying any of your bills, then your credit score will get affected. The more time passes, the more your credit score gets affected. One thing to remember is that the latest late payments will have more impact on your score rather than older payments.

How to Remove Late Payments from Credit Report?

Are you willing to remove the late payment done from your credit and want to improve your credit report? Then it is not that difficult as you will have to follow the following steps correctly and you will have your late payment removed from credit report. There are the following different ways which you can adapt to remove late payments.

Goodwill Adjustment

The first option available is to have goodwill adjustment with the creditor. This can be done if you have good credit payment history and strong relationship with the creditor. Then you can request the creditor for goodwill adjustment to remove the late payment from your credit history as you are always on time when it’s time to pay. Just write a letter to your creditor and explain your late payment reason to remove the late payment. This method will work as creditors will never lose their customers only because of just one late payment.

Automatic Payments

The next method which you can choose to overcome the issue of late payment in your credit report is that you can get your creditor agreed to remove the late payment and in return, you are agreeing to have automatic payments for next time payments. By doing so, you will have your late payment removed and the creditor will have each month stable payment from your side. This method is best even if you have a lot of late payments history in the credit report. But for this, you have to show your stable way of income to meet the automatic payments each month.

Credit Repair Company

The last but not the least option available for you to remove late payments is to hire any professional credit repair company to overcome the issue of late payments. There are many credit repair companies from which you can hire the one which is the most suitable for you. Just call their service representative and arrange a meeting with their consultant. Explain your query in detail and your issue will be solved in no time.

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