Your credit report is a breakdown of your credit habits both good and bad. Unfortunately the bad habits like late payments have more influencing power then the good habits. Late payments on your credit report are one of the worst items that you can have. Even just one 30 day late mark has the potential to know your score down 100 points, and it gets worse as the lates go past 60,90 or 120 days.
How To Remove a Late Payment From My Credit Report
The absolute easiest way is to wait, unfortunately most people cannot afford to do that and need a quicker way to get their fico score up. The next best method is if it is an old collection account is to negotiate with the collection company. Never pay the full amount and always try to negotiate a educed amount because if you do not pay the collection company does not get paid!
You can also try some self help credit repair and attempt to get the late payments off your credit score report. To do this you must first have the old account numbers and the name of the creditor. To get this information you must have a copy of your credit score report.
Next draft a credit dispute letter and send it off to each individual credit bureaus that is reporting late pays on your account. Once they receive the credit dispute letters they will require the original creditor to provide proof that the account was in fact late.
If the creditor does not do this within 30 days then the account must be removed from your report, you will get a letter in the mail letting you know the outcome of your dispute. If you have multiple late accounts spread the disputes out over time or the reporting agencies will assume you are doing self credit repair and block your requests.
Source by Darin Sewell