Bouncing Back After a Late Payment on Your Credit Report

If you can still convince yourself and others that your financial hardships are temporary, count your blessings.  If you paid one of your bills late last month but paid it on time this month, you are in a better financial position than most.  Despite this, if you genuinely felt financially stable until an unexpected financial setback upset your equilibrium, it is plenty stressful, even though it is only a small fraction of the stress that most people live with every day.  Paying one of your bills late just once and then going back to on time payments can provide just a glimpse into the abyss of financial catastrophe, just enough to make you grateful for what you have, or it can be the beginning of a long descent into precarious financial circumstances.  The best thing you can do is concentrate on paying all your bills on time this month and the next and the one after, but there is that late payment darkening your credit report.  To find out more about removing a negative mark from your credit report after a late payment, contact a Boca Raton credit repair lawyer.

How Much Does One Late Payment Harm Your Credit Score?

One late payment after paying all your bills on time for years might not seem like such a big deal, but the credit reporting bureaus are a harsh mistress.  A single late payment can lower your credit score by 50 points.  This can make it more expensive to borrow in the coming months and years, and it can even make you ineligible for loans for which you otherwise would have qualified.

How to Remove a Negative Mark From Your Credit Report

You can improve your credit score after a late payment simply by continuing to pay your bills on time, but the improvement will be gradual, and it will take a long time before your credit score gets to where it was before.  If you want to raise your credit score faster than that, you have several options, none of which involve falling for third party credit repair scams.

First, determine whether the information on the credit report was accurate.  If the amount was incorrect, or if you paid within the grace period, notify the creditor of this immediately and ask them to correct the information on your credit report; follow up with the credit reporting bureaus.  If the information about the late payment is correct, another option is to contact the creditor and ask them nicely to remove the negative report, since you have such a long history of paying on time.  If the creditor is not in the mood to be generous, you can offer something in return, such as enrolling in autopay or making a bigger payment this month.

Work With a Debt Lawyer About Regaining Your Footing After a Late Payment

A South Florida debt lawyer can help you raise your credit score to its prior levels after a late payment.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

Source:

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