YouTube video (Daniel Rosen) explaining what late payments are, their prevalence (>60% of Americans have been late), how payment history strongly affects credit scores, and that late payments can be reported by creditors with severity based on days overdue; recovery can take up to seven years for severe delinquencies, but Rosen recommends using a goodwill letter to attempt removal and promotes his podcast for details.
This video is for anyone who's been late on a payment and doesn't want to wait seven years to fix things. Everyone knows what a late payment is. You have a bill and a due date, but for whatever reason you don't make the payment on time. It happens to a lot of people for a lot of different reasons. Actually, over 60% of Americans have been late when paying a bill. It's important to know that payment history has a massive impact on your credit score, and lenders consider late payments to be a big red flag that they hold against you. If you make a payment late, your creditor will report it based on how overdue it is. The later the payment, the more damage it's going to cause to your credit score. Now it can take a really long time for your credit score to recover up to seven years for a 90 day late payment, but that doesn't mean all hope is lost. Tune into my podcast to learn how to remove a late payment easily using a goodwill letter.
