You cannot remove accurate late payments from your credit report. However, you do have the right to dispute inaccurate late payments and have them removed from your credit report. There are several steps you can take to try to identify and remove inaccurate late payments from your credit reports.
If you incur a late fee and you aren't habitually late with your payments, the creditor may be willing to waive it.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you typically: Explain the circumstances that led to the late payment or issue.
Indeed the judge has the authority to waive the late fee. This is in his or her discretion and is not a right. You may ask, but if the request is denied say nothing further and pay it.
Contact Your Card Issuer
If you pay late, credit card issuers may be willing to waive the late fee and reverse the penalty interest as a courtesy if you call in and request it.
When requesting a fee waiver, you'll need to explain why you are seeking financial assistance and how a fee waiver would help you pursue your academic goals. For example, you could mention the financial hardships your family is facing.
A 609 letter won't erase valid negative marks like late payments, defaults, or collections if the information has been verified and is correct. Additionally, 609 letters won't relieve you of your obligation to repay any existing debt.
I am sincerely sorry for the delay in payment on {loan type}. I apologize for any inconvenience or frustration this caused you. The delay was caused by {reason}. While I take full responsibility for my mistake, I would like to assure you that this was a one-time error on my part.
You may be able to remove the charge-off by disputing it or negotiating a settlement with your creditor or a debt collector; credit repair companies can help with this process. You can also steadily rebuild your credit score by paying other bills on time.
I truly believe that it doesn't reflect my creditworthiness and commitment to repaying my debts. It would help me immensely if you could give me a second chance and make a goodwill adjustment to remove the late [payment/payments] on [date/dates]. Thank you for your consideration, and I hope you'll approve my request.
If you want to charge late payment fees, you certainly can. However, these need to be clearly stated on the invoice so the customer is aware of them and encouraged to pay on time.
It may also characterize a longer credit history with a few mistakes along the way, such as occasional late or missed payments, or a tendency toward relatively high credit usage rates. Late payments (past due 30 days) appear in the credit reports of 33% of people with FICO® Scores of 700.
A “good” excuse is one that's genuine and communicates your need effectively. This could be an unexpected financial hardship like medical bills, car repairs, or sudden unemployment.
If a creditor accepts your goodwill letter, it can help you improve your credit score. But the majority of goodwill letters are unsuccessful. This is especially true if you have a payment history with late or missed payments.
Dear [Contact Name], I would like to apologize regarding the delayed payment for invoice [Insert Invoice Number]. We experienced a [payment processing error, administrative issue, etc.] that resulted in a delay in processing this payment.
We've all been there, friend. The important thing is to acknowledge the late payment and be clear about when you can make it. It's also a good practice to apologize when making the payment if it is late.
Unfortunately, an actual late payment is nearly impossible to remove from your credit report even if you were able to convince your card issuer to waive any fees you may have been charged.
A 623 dispute letter is a written communication submitted to a credit bureau, typically by a consumer, to dispute inaccuracies or discrepancies in their credit report.
A 609 dispute letter is a formal request sent to credit bureaus to verify the accuracy of the information on your credit report. The name “609” comes from Section 609 of the Fair Credit Reporting Act (FCRA), which grants you the right to request this information.
Contact Your Credit Card Issuer
Apologize for the late fee, and explain why it happened. Make sure to highlight your history as a good customer and ask if they'll be willing to waive the fee.
Clearly state your request for a fee waiver and why you need it. Highlight your financial hardships and why you cannot pay the fee. Provide supporting documents to demonstrate your financial need. Use a polite and professional tone in your email.