How to Remove Late Payments From Your Credit Report

Life happens. And sometimes it happens in a way that can haunt you for years. Let's say your client has a perfect and long term payment history with a creditor when suddenly, boom. Something happens that causes that amazing long term history to go late. What a bummer, right? Maybe the mail was lost through no fault of their own, or a layoff happened or an emergency medical situation. Maybe it was Covid that caused a payment to have to be pushed past the due date. Or maybe life just got chaotic and they forgot. In this episode, I'm going to walk you through exactly what to do so that those moments in life don't haunt your client's credit for years. Today we are talking about goodwill deletions, so 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 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.

Did you know that payment history makes up roughly 35% of your client's total credit score? Lenders, they really frown on late payments because they consider it to be a red flag that maybe that person won't pay them on time in the future either. In fact, most credit card companies pay periodically pool their cardholders credit every so often as a soft inquiry to see if they relate with their other accounts or to see if there are signs of financial difficulties with their other creditors. And if so, they may lower the available credit line or even increase their interest rate even if your client has never been late with them on a payment. So it's really important to educate your clients to never be late with anyone if possible. Now, we all know life happens, right? It's happened to all of us. And just because your payment was marked as late, it doesn't always mean that you have to live with it. There are options. You may be able to get the late payment or late payments removed with a little bit of creativity and empathy. And this process is called a goodwill intervention. Here's why this is important. A goodwill intervention is a request, it's not a demand. You are essentially asking the creditor to remove the one or two late payments in return for a promise to make payments on time. In the future, goodwill interventions, they may only work on open accounts. If the account is closed, you may instead want to simply work towards removing the entire account, not just the late payment. Because A goodwill intervention is based on a previous stellar payment history. Now, this strategy only works if the account is current, meaning there is no past due amount. Okay. Basically, if you were the creditor and your customer asks you to remove late payments on an account that is past do, you're not even going to consider it until that account is current. So here's what you need to know. If your client has an open and current account that always had a great payment history and suddenly had one or a handful of late payments, here is how you go for a deletion. First, you either use our letter finder feature or visit the letter library within your credit repair cloud and search for goodwill for a goodwill deletion letter. And in that library you'll find several variations of the letter and just use the one that best suits your situation. Next, you want to make sure that you have a really good excuse. Okay, a goodwill deletion letter. It works by sending it to the creditor asking them very nicely to please remove the late payment. Again, try to have a great story, a tear jerker, something that moves them. Maybe your child was born that month or maybe you were hospitalized or maybe your family was affected by Covid or something really really difficult came up that made you suddenly unable to pay. Remember, you are asking for a favor, so be very, very nice. And if the main customer service address doesn't respond, try sending it to various departments or even to individual people within the company. If these late payments are really hurting your client and you're really serious about doing everything you can to remove them, then go the extra mile. Google the company or use LinkedIn to find the CEO or the Vice president or managers or directors or literally anyone you can find contact information on and send a separate letter and directly to them. Remember, life happens, but it doesn't have to haunt your client's credit for years to come. As long as you put in the effort and go the extra mile and use a bit of creativity and strategically apply pressure. You're going to be amazed to see that more often than not you're going to get the results your clients need and then they're going to love you for it. And do you know what happens when you get clients results that they love? Well, they're going to tell everyone and your business grows. Just like it has for our millionaires club member, Tracy Arnett. Tracy started by repairing his own credit and then he began working to fix his family's credit. And then soon he had so many people asking for his help that he had to hire his family to help him to launch and run his credit repair business. Still to this day, Tracy's multimillion dollar a year business, it runs completely off of referrals. Isn't that amazing? I did a really fun podcast interview with Tracy recently where he breaks down exactly how that works and what he does and. And you can go check that interview out after you're finished listening to this one. I highly recommend hearing it. It's so inspiring. But remember, it's really, really simple. Just master your craft, get great results for your clients, and let them sell your services to everyone they know. Okay? And boom, you're going to grow with the best of them. And who knows, maybe someday you might be right here on our wall of fame with the rest of our Millionaires Club members. Would you like that? Well then I want to invite you to join our next Credit Hero challenge. It's about to start and I want to invite you to join it. In the challenge, you'll have access to live coaching, daily lessons, and action points. And you'll get all the information you need to launch your profitable credit repair business. You'll even get three certifications. Just go to creditherochallenge.com and sign up today. And if you're finding value in the things that I'm sharing on this podcast, click below to subscribe. Okay. And if you're feeling kind, rate me and give me a review. Because this is a new podcast and I can use all the help I can get. And I will see you on the next episode. So until then, keep changing lives.

Want more credit repair business secrets? Then get a copy of my book, the Ultimate Guide to Starting a Credit Repair Business. Get it free@creditrepaircloud.com freebook Inside this book, you'll find my top 35 secrets to removing items from credit reports and turning that into an amazing business that helps people, changes lives, and makes you a great living in the process. Get it free@creditrepaircloud.com freebook.