Writing this type of letter is not a guarantee that the financing will be approved, but a well-crafted letter will certainly increase a person's chances of getting the funding that he needs. If they do agree to forgive the late payment, your creditor will adjust your credit report accordingly. Over the last 15 years I’ve perfected this method and removed hundreds of missed pays. If you end up with a late payment on your credit report, there are ways to delete them. This is an ideal option if you generally have a good payment history with your creditor and have been a customer for a while. A goodwill letter is essentially a polite way of asking a creditor or lender to remove a closed account's history from your credit report. A legitimate late payment will likely stay on your report for 7 year. Here is what you need to do to remove inaccurate information from your credit report: Request your credit report. We were told that you should call Capital One at (800) 227-4825 to request the removal of a late fee; you cannot make a request online. Goodwill Letter To Remove Late Payments [DATE] [Name of Credit Company] [Address of Credit Company] Account Number: [000-0000-000][Name on Credit Report] [Address on Credit Report] A late payment affects your credit score within a month or so. Just insert the appropriate information, like your name and address, the credit bureau name and address, and specific details in the body of the letter. And the creditor has no legal obligation to remove accurate information. The pay-for-delete letter offers full payment of the outstanding in exchange for removing the account from your credit report. Your credit report and credit score may not be at the top of your priority list amid more pressing concerns around the COVID-19 (coronavirus) pandemic. What do you do then? If you only take a single credit maxim to heart, it should be to always pay your bills on time. Depending on which credit bureau provides the credit report with the late payment listed, it may be highlighted in some way (say with a different symbol or code than you see for on-time payments). Let's assume FedLoan refuses to remove the missed payments, and the Ombudsman agrees. As the name implies, the creditor is under no obligation to comply with or even consider your request. A goodwill letter is a positive, sincere way of reaching out to lenders and requesting them to remove records of late payments from your credit report. But let’s get this broad question topic off the table right away: removing student loans from a credit report is not possible, at least not legally! Since the fate of your future credit score rests on how effective your letter is, this might be an excellent time to call Credit Saint, our #1 recommended credit repair company.. After all, not everyone can write a letter that’s powerful enough to convince a company to change their mind and “un-report” a missed payment. A late payment is commonly associated with a credit account. That's absolutely reasonable. A late payment can damage your credit. Discuss the late payment with the representative and explain why you believe it is erroneous. I have late pays on my credit report for July, August, and September of 2018. In April of 2018, I was approved for Forbearance with my Navient private student loans. Because lets face it. Sample 1 - Letter of Explanation for Derogatory Credit Name of Consumer Address of Consumer City, State, Zip Code DATE Name of Lender Address of Lender City, State, Zip Code RE: Explanation for late payments on credit report Dear Name of Lender: This letter is in reference to my application for a loan of $10,000 to purchase a new car. Still, it can be helpful to remove late payments that are several years old, because any negative items in your credit will weigh down your scores. And if your student loan is in good standing, you shouldn’t want to remove it anyway. The next step is to call, e-mail, or write to the lender, bank, or loan servicer reporting the mortgage late on your credit report. The main thing that works to remove late payments from your credit report is to ask the Lender to Remove it With a Goodwill Adjustment Letter. How to handle missed payments. Here is an overview of four ways you can successfully remove a late payment from your credit report. The theory behind the 609 letter is that asking your creditors to produce hard-to-find information—such as the original signed copy of your credit application—would make … The process is easy: simply write a letter to your creditor explaining why you paid late. Creditors don't always forgive late payments, but it doesn't hurt to try. Recent lates NEVER come off with credit bureau disputes or sample goodwill letters (I’ll explain why later). Monitoring your credit report is a necessary practice to keep in check any negative information.   Fresh information is meaningful for the scoring model. But if you write what’s called a goodwill letter to the company that reported the late payment, you may be able to get them to remove the late payment on your credit reports. This could help raise your credit score and: It’s not guaranteed to work, but in some situations, it’s worth a try. Any late payments listed on your credit report will lower your credit score, which can make it harder for you to get a loan, mortgage, insurance, and even a job.