How to recover from late payments on your credit report?
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I failed to pay my CC statements for 2 months, and my credit score is ruined – more than a hundred points down!
How do I recover from these late payments?
You re-establish good credit
Late payments can really ruin your day… I meant your credit…
The damage is done, and you need at least two years, even 3 to get back to where you were before.
Here’s how you establish good credit:
First, if you haven’t done so yet, Get Current and stay current. Any additional days you are behind hurt your credit more. A 180 days late is worse than 150. 90 is worse than 60 etc.
Continue to pay your bills on time, and NEVER be late again.
As time goes by, the stream of good credit information (timely payments) will improve your credit while the negative effect of these late payments will lessen.
More than 70% of your credit score is made up from information from the past two years, so after two years have passed your credit score should be close to where it was before the late payments.
Hope this helps…
Hi Ivy,
To recover late payments from your credit report, you need to ask the Lender to Remove it With a Goodwill Adjustment Letter. This is a straightforward way to get a late payment removed from your credit report. … The process is easy: simply write a letter to your creditor explaining why you paid late. Ask them to forgive the late payment and assure them it won’t happen again.
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