How to Erase Late Marks Off of Credit

The shaky state of the economy is causing many people to lose their jobs and fall behind on their credit card and loan payments. These late payments can wreak havoc on their credit reports, making it difficult to obtain additional credit.

If you've fallen behind on your credit card payments, it's important to get back on track financially. Unfortunately, those late payments can remain on your credit report for seven years and significantly decrease your credit score.

Because these late payments are so troublesome, it's easy to think that removing these marks will help improve your credit. But it's not as simple as it sounds. Late payments cannot legally be removed from your credit report if they are accurate. All you can do is ask your lender to remove late payments from your credit report as a goodwill measure.

Instructions

1

Look over your credit reports and determine which accounts have late payments. The three big credit-reporting companies are Experian, TransUnion and Equifax. Some lenders may report late payments to all three agencies, while others may only report to one agency. You want to make sure you're asking your lender to remove the late payment from the right report.

2

Write a letter to your lender asking them to delete your late payments from your credit report or reports. Kindness is key: they don't have to change anything, especially if the payments were actually late. In your letter, include that you've made mistakes in the past but are now trying to improve your credit for whatever reason (to purchase a home, have a secure financial future, etc.) and would appreciate it if they could remove a late payment connotation from your credit report. Be sure to include your full name and account number to help them identify you correctly. At the end of your letter, ask that they notify you of their decision within a certain period of time, such as 30 days (or whatever other time period you decide.)

3

Address your letter to a decision maker at your lender, if possible. Search your lender's website or throughout the Internet to see if you can determine a person that deals with goodwill requests. If you cannot find one, call your lender's customer service line and ask, or simply address the letter to their customer service department.

4

Send your letter certified through the United States Postal Service and ask for return receipt. Certified letters provide proof that your letter was sent and return receipt proves that your lender received the goodwill letter.

5

Follow up and resend your request letter certified and return-receipt requested if you don't hear from your lender within the time period you stated in your letter. Lenders receive hundreds of letters each day and it's possible yours could get lost. It may take more than one requests, but eventually you'll receive word on the lender's decision.