Beating Bad Credit: Get Late Payments Removed

Beating Bad Credit: Get Late Payments Removed

It is far too common for Canadians to assume that as long as they get their bills paid, that is what matters most. Late payment is still payment, but paying bills late is one of the leading reasons Canadian consumers have black marks on their credit reports.

Now, if you default on a bill altogether, that’s considered pretty bad and that’s why you’ll have to wait seven long years for that black mark to be removed from your record. With late payments, different story. You paid late, but at least you made sure you still paid every cent you owed to the creditor.

So we’re going to show you how to make those late payments disappear and accelerate the “healing” of your credit score.

Tip #1: Give them the promise of automation

Your creditors need to be able to set their watches to the payments they expect. Missed payments hurt their cashflow and that’s why they report your late payments, so that other creditors can avoid the same inconvenience.

If you choose to automate payments, which ensures they will always get their payments exactly when they expect them, that’s a cue to write them a letter explaining that you’ve done so and requesting that they remove their late payments from the report.

You’ve pledged to give them what they want, so it’s not to much to ask to get a helping hand with your credit score.

Tip #2: Prepare a “Dear John” Letter

In the credit repair industry, there is a letter known as a forgiveness or goodwill letter. There’s really not much else to call this but a ‘mea culpa’. Your letter essentially contains a story that explains why the payments were late and essentially take ownership of the situation and apologize.

Tip #3: Dispute Everything

Bills can (and do) fluctuate and creditors can be pretty bad at explaining these fluctuations. If something feels off, even by the smallest margin, that can be cause for you to challenge a reported late payment as you missed said fluctuation. A lot of creditors will quickly reverse the reporting when they find themselves unable to explain the fluctuation.

With those three tips, you have the tools to get some serious repair done to your credit score and you’ll be surprised at how accommodating some companies can be with trying to help you with your mission.

Need additional help with repairing your credit report? See how our bad credit loansand debt consolidation loans can be of help. Thousands of Canadians turn to us each year to help them bring their credit ratings from "bad" and "fair" right up to "good" and get their finances back on track. We can do the same for you.

Call us at (866) 689-0091 to speak to one of our specialists to see how we can be of service to you.