Daniel Rosen (Credit Repair Business Secrets) explains why late payments severely harm credit scores, how late payments are categorized (30/60/90/120/150 days, charge-off), estimated recovery timelines (30-day: ~9 months–3 years; 90-day: ~9 months–7 years), and presents removal strategies focused on "Goodwill deletions" for open/current accounts. He describes how to draft and send goodwill letters (including a downloadable template), advises using a saturation technique (sending to multiple company contacts), and emphasizes persistence, empathy, and politeness. The video includes personal anecdotes, warnings about creditors' soft inquiries, and CTAs linking to dispute letter templates and a Start Repairing Credit program.
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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. 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. Some people miss 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 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. 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 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 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 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, and 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 and 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 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 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 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. 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. 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, 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 but 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. 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 want to learn more about improving your credit score, check out my episode on how to remove inquiries. And if you'd like to improve your credit score and learn how to earn extra income Repairing Credit for others, check out our brand new Start Repairing Credit Challenge. It's completely free to join, but the doors are closing soon start. So sign up right now@startrepairingcredit.com and keep changing lives.
