remove late payments from credit report

Ways to remove accurate late payments

If your late payment item is accurate, consider sending a goodwill adjustment letter requesting for late payment to be removed from the credit report.

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. In some cases, creditors are willing to make a goodwill adjustment if your payment history has been good or if you have a good relationship with them.

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. If they do agree to forgive the late payment, your creditor will adjust your credit report accordingly.

Creditors don’t always forgive late payments, but it doesn’t hurt to try. If your creditors receive and agree to the terms of your goodwill letter, make sure you receive the agreement in writing to keep your creditors accountable.

Ways to remove inaccurate late payments

It’s not uncommon to find inaccurate information on your credit report. If you do find a mistakenly reported late payment, you’re entitled by the Fair Credit Reporting Act (FCRA) to request the credit bureaus to substantiate it, and if found to be an error, remove it. There are a few different ways to do this.

If you find any errors on your credit report, you can file a dispute with the credit bureau that generated the report. You can also dispute the mistake with the creditor.

You can start this process by sending a dispute letter to each credit bureau that reported the mistake. The dispute letter should clearly state the negative information you’re disputing, include any documentation of the inaccurate information and request that the item be corrected or removed.

After receiving your dispute letter, the creditor or credit bureau has 30 to 45 days after receiving your dispute to investigate the claim. You should be notified of the results after the creditor or credit bureau has finished their investigation.

If the creditor or credit bureau has proof that the information they are reporting is correct, it will stay on your credit report. However, if they agree that the information is incorrect, they must remove it from your credit report.

When are late payments reported?

Creditors usually report late payments to the credit bureaus once you’ve been 30 days late or more on an account. Typically, the later you are on your payment, the more it will negatively impact your credit score.

How late payments affect your credit score

While the exact point drop will vary from person to person, late payments can significantly hurt a borrower’s credit. Those with higher credit are more likely to be affected worse than those with lower credit, and missing multiple payments in one month will typically have an even greater impact on someone’s credit.

How long late payments stay on your credit report

Late payments can stay on your credit report for up to seven years and can negatively impact your credit score as long as they remain on your credit report. That’s seven years of struggling to get new credit or facing higher interest rates. However, remember that there are things that you can do to potentially get late payments removed from your credit report.

Will paying off my debt remove a late payment from my credit report?

Paying off your debt is an option to consider if your lender or collection agencies won’t negotiate with you otherwise. However, simply paying off the debt won’t remove it from your credit report. It can legally remain on your credit report for up to seven years.

That being said, it’s better to have a debt reported as “paid” instead of as a “charge-off.” Having a charge-off mark in your credit history is a signal that you are a high risk to lenders and can make it difficult to apply for new credit accounts in the future.

Get help addressing late payments

To make this process easier, you can work with a credit repair organization that will help you address inaccuracies on your credit reports. The credit repair consultants have the knowledge and, most importantly, the time available to help you through the credit repair process from beginning to end.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Photo of author

Author J Lipsky

Thank you for visiting

Leave a Comment

Business Finance

About Us

Business Finance News is a brand oriented to business owners and dedicated to analyzing and comparing the cost and conditions of B2B procurement of goods and services through free quotes delivered by business partners.


Address 5050 Quorum Drive, (75254) Dallas TX

telephone 844-368-6072


A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.