Can You Remove Late Payments From Your Credit Report After Making the Payments?

If you’ve missed a payment on a credit card, personal loan, car loan, on any other type of account, can you remove the late payment from your credit report by making the payments? We will answer this question in much detail below.

Can You Remove Late Payments From Your Credit Report After Making The Payments?

No, once a payment is reported as late on your credit report, making the payment will not remove it from your credit report. The late payment mark will remain on your credit report for 7 years from the date that you missed the payment. After the 7 year period, the late payment will automatically be removed from your credit report. So long as a late payment mark appears on your credit report, it will continue to drag down your credit score until it’s ultimately removed from your credit report.

That said, lenders don’t usually report late payments until the payment is at least 30 days late. So, if less than 30 days have passed since you missed your payment, paying it before it’s reported to the credit bureaus will prevent the late payment from appearing on your credit report.

However, if more than 30 days have passed since you missed your payment, and the payment was reported to the credit bureaus, making the payment on your account will not remove the late payment mark from your credit report.

Once a late payment is added to your credit report, it will remain on your credit report for 7 years from the date that you missed your payment. After the 7 year period passes, the late payment will automatically be permanently removed from your credit report.

So long as a late payment appears on your credit report, it will continue to drag down your credit score. However, as a late payment ages, its impact on your credit score will begin to lessen until it’s ultimately removed from your credit report.

Can You Dispute a Late Payment To Have it Removed From Your Credit Report?

If a late payment appears on your credit report, you can have the late payment removed by filing a dispute with the credit reporting bureaus to have the mark removed from your credit report. However, to successfully have the item removed, the information you’re disputing must be wrong or incorrect. Disputing valid information that’s accurate will not remove it from your credit report.

After you file a dispute to have an incorrect late payment to be removed from your credit report, the credit bureau will conduct an investigation to determine whether the information is indeed wrong.

If the investigation reveals that the information is indeed inaccurate, the negative payment mark will be removed from your credit report.

However, if the investigation reveals that the information is indeed accurate, the late payment will remain on your credit report and will not be removed.

So, you should only dispute information, such as a late payment on your credit report if you have reason to believe that the information being reported is inaccurate. This is so because valid negative information will not be removed from your credit report.

Most negative information, including late payments, remain on your credit report for 7 years from the date you first became delinquent on the account.

When Are Late Payments Added To Your Credit Report?

Usually, your creditor or lender will report a payment as late to the credit reporting bureaus after 30 or more days have passed since you missed the payment. If you make the payment within 30 days of missing it, the payment is unlikely going to be reported as late on your credit report. However, if more than 30 days pass since you’ve missed your payment, the payment will be added as late on your credit report.

If you continue to fail to make payments on your credit card, personal loan, car loan, or any other type of debt, first a 30-day late mark is added, then a 60-day late mark, and then a 90-day late mark, causing several late payment marks to be added to your credit report.

A single missed payment can lower your credit score by over 100 points. This is so because your payment history accounts for 35% of your credit score. Making your payments on time will improve your credit, and missing even a single payment can cause significant damage to your credit score. So, you should strive to make all of your credit card and loan payments on time to maintain the best credit score possible.

Periodically Review Your Credit Report

If you’re not already in the habit of reviewing your credit report, you should periodically review your credit report. Oftentimes, when reviewing your credit report, you may find inaccurate information being reported on your credit report.

If you find wrong information being reported on your credit report, you should dispute that information to have it removed from your credit report.

For example, if you find a late payment that does not belong to you or was added in error, you can file a dispute to have it removed from your credit report.

Although removing wrong payments may be possible, removing a valid late payment is very difficult as the credit bureaus will conduct an investigation by reaching out to the furnished (provider) of information to verify the information. If the late payment mark is valid, it will not be removed from your credit report.

Frequently Asked Questions (FAQs)

1. Can you remove late payments from your credit report?

You can only remove late payments that are added to your account in error or contain the wrong information. Valid late payments cannot be removed from your credit report. If there is a late payment notation that was added in error or contains a mistake, you can file a dispute with the credit reporting bureaus to have it removed from your credit report.

2. Can you remove late payments from a closed account?

No, even if your account is closed, if it contains a late payment, the late payment cannot be removed from your credit report. In fact, late payments on closed accounts will remain on your credit report for 7 years from the date you missed the payment. After the 7 year period, the late payment will be removed from your credit report.

3. Does paying off an account remove a late payment from my credit report?

No, paying off a late account where the late payment was reported to the credit reporting bureaus will not remove the late payment from your credit report. It will remain on your credit report for 7 years from the date you missed your payment.