How to Quickly Remove Late Payments from Your Credit Report

Hey, credit heroes. Late payments suck. They suck when you have to make them, and they suck even more when you have to deal with the consequences of them. So today, I'm going to walk you through, step by step, exactly how to get late payments removed. So you better stick around.

So the big question is this. How can we take our passion for helping people with their credit and turn it into a successful business without taking loans? Without spending a fortune by bootstrapping it from nothing?

Think so we can help the most.

People and still become highly profitable? That is the question, and this podcast will give you the answer. My name is Daniel Rosen, and welcome to Credit Repair Business secrets.

In the 20 years since releasing my first credit repair software, I've helped thousands of businesses scale from the ground up. In fact, I experienced many of the same challenges that credit heroes face, and I learned proven ways to overcome them and succeed. And one challenge that I see over and over again are late payments. Now, late payments are a fact of life for a lot of people. All the years that I was on the road and show business and going from gig to gig with nothing in between, I lived on credit cards. And if I didn't have enough gigs, I'd have to choose what I could pay. And I had a lot of late payments and my credit sucked. Some people missed payments because they got laid off or an emergency medical situation happened that caused a payment to be pushed past the due date, or they're away on military deployment and the mail was lost. Sometimes you might make an online payment and you think it cleared, but you don't find out that there was some kind of technical glitch. And then you don't find out that you got dinged for a late fee until the next month's bill. And boom, there goes your perfect payment history. Well, these are not just random examples. Stuff like this has happened to me and other credit heroes, even the most successful ones, on our wall of millionaires. The problem is your payment history, and late payments in particular, have a massive impact on your credit score. They should teach you about all this in school, right? But since they don't, you may not be aware that payment history makes up roughly 35% of your total credit score. For some crazy reason, lenders don't like it when you make late payments. Go figure. I mean, would you like it if people paid you late? Probably not. But the truth is, the banks and the credit card companies, they actually love it when you make late payments because that's when they get to make more money off of you in penalties. And raising your interest rate. In fact, late payments are such a red flag for credit card companies that many of them will periodically pull their cardholders credit every so often to to see if they were late on their other accounts or to see if there are signs of financial difficulties with your other creditors. And when they do this, it's a soft inquiry. And if they find any issues, they may lower your available credit line or even increase your interest rate, even if you've never been late on a payment with them. That's what happened to me years ago. And in my case it pushed me to the brink of bankruptcy and I nearly lost my house and, and that's when I started to see just how terrible this credit system was and how they intentionally prey on innocent people who are just trying to get by and the poorest people who need the most help, they end up paying more for everything. It's a very evil system that hurts a whole lot of people and makes the banks trillions of dollars. So if you master the process of removing late payments from credit reports, you'll master a really impactful part of credit repair. Here are some things to remember. Late payments aren't reported on your credit report until they're at least 30 days past due. After that they're placed into a 30 day, 60 day, 90 day, 120 day or 150 day past due category. And beyond that, they're classified as charge off status, which means the creditor has written the debt off as a loss. And then after that the credit, they sell it off to a collection agent to come and harass you. So the later your late payment is, the more damage it's going to cause to your credit score. Depending on your credit score, it can take between nine months and three years for score to fully recover from a 30 day late payment. For a 90 day late payment, it can take between nine months and seven years. This is because late payments that are 90 days or longer or are considered key derogatory items. The point is that even if you're late, you need to make your payments as soon as possible so the problem doesn't get worse. In addition to how late the payment is, the number of late payments and the balance owed, they also impact your credit score. So here's what you need to know. There are many ways to remove late payments and I've created YouTube videos on all of them. But one of the easiest ways to remove late payments just takes a little creativity and empathy and a process called a goodwill deletion. A goodwill deletion is a request, a plea, a beg, but definitely not a demand where you politely ask the creditor to remove one or more late payments by explaining the very good reason that you missed the payment and and by promising to make payments on time in the future. Goodwill deletions only work on open accounts that are current, meaning there's no past due amount. If the account is closed, you'll need to go a different route of trying to remove the entire account and not just the late payments, because the goodwill deletion is based on the fact that you are still their customer and you had a previous stellar payment history. If you have an open and current account that always had a great payment history but due to an unfortunate and potentially unforeseen circumstance, suddenly has one or a handful of late payments, this is how you go for a goodwill deletion. If you don't already have a goodwill deletion letter template, don't worry, you can download one right now for free at creditrepaircloud.com dispute letters goodwill deletion I know that's a long address, so I'm also going to put that link over there in the Show Notes. Now when you download it, you'll find several variations of the same letter. Just use the one that best suits your situation. And we also have this letter inside Credit Repair Cloud if you're a CRC user. And next you'll want to send this letter to the creditor asking them very nicely to remove the late payment and then provide them with a very good reason why the payment was late and why it won't happen again and again. Try to have a great story, a tearjerker, something that really moves them, but also give them a reason why you're now in a position to make on time payments from now on. Now remember you are asking for a favor, so be very, very nice. If the main customer service address doesn't respond or doesn't help you, they send it to other departments, send it to individuals at the company, Google them, look up their LinkedIn, look up their managers and directors, even the CEO, literally anyone, and send a separate letter directly to each of them. This is known as the saturation technique and it's a proven tactic that can help. So go the extra mile. I used to write CEOs of credit card companies all the time when this stuff happened to me and you know what? It really, really worked. Now it's not guaranteed that this will remove the late payment from your account, but if you have a really good reason and you stay persistent without being rude, the chances are pretty, pretty good. And here's my final point. Life happens and payments sometimes get missed. It's happened to most of us, including me. Just don't let it haunt you for years to come. So put in the effort, go the extra mile, use a bit of creativity and apply polite pressure. And more often than not, you're going to be amazed to see the results you get. And if you do this for a credit repair client, they will love you for it. And I'll end by saying if you still need a Credit Repair cloud account, just sign up for a 30 day free trial at creditrepaircloud.com freetrial. It's the software that most credit repair businesses in America run on. And if you find value in what I share on this podcast, click below to subscribe and follow. Also, give me a five star review or share the show and help me to change more lives. If you have a question or a comment, drop it down below because I read each and every one of them. I would love to hear from you and I'll respond as soon as I can. And if you'd like to improve your credit score and learn how to earn extra income Repairing Credit for Others and check out our brand new Start Repairing Credit Challenge. It's completely free to join, but the doors are closing soon, so sign up right now@startrepairingcredit.com so take care Credit Hero and keep changing lives.

Hey everybody, it's Daniel again and really quick. I'd like to invite you to join what I believe is the best thing we have ever created inside the Credit Repair cloud community. And it is a challenge that we call the Credit Repair Hero Challenge. If you're just planning out your business or you're just getting it started and you dream of having a successful business of your own so you can quit your 9 to 5 and fire your boss and have financial freedom or so you can add another revenue stream to your existing business. If that's your dream, you need to get into this challenge. We created this challenge to help you to create and launch your very own credit repair business to build a proper foundation for a really successful business. This challenge is going to help you to understand the strategy, the tactics and all the things you need to be successful at Credit Repair. It really is the greatest thing we have ever built and it will change your life. So I recommend you do it right now. Stop everything, pause this audio, go online and go to creditherochallenge.com that's creditherochallenge.com and and join the next challenge. And there's a challenge that's starting in just a few days. So go get started right now@creditherochallenge.com.