Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

Ascent-logo

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of February 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of February 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for February 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of February 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for February 2021.

Get Started!

Loans

Top Picks
  • Best Loans of February 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of February 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • $15 Minimum Wage Hike Can't Stay in Stimulus Bill

    Personal Finance

    $15 Minimum Wage Hike Can't Stay in Stimulus Bill
  • Stimulus Update: 3 Reasons Biden Is Primed to Fight for His Stimulus Package

    Personal Finance

    Stimulus Update: 3 Reasons Biden Is Primed to Fight for His Stimulus Package
  • Mortgage Forbearance Coming to an End? 3 Steps to Take Now

    Mortgages

    Mortgage Forbearance Coming to an End? 3 Steps to Take Now
  • Today's Mortgage Refinance Rates -- Feb. 26, 2021: Rates Continue to Rise

    Mortgages

    Today's Mortgage Refinance Rates -- Feb. 26, 2021: Rates Continue to Rise
  • The Ascent
  • Knowledge
  • Credit Cards

How to Get a Late Payment Removed From Your Credit Report

by The Ascent Staff | Nov. 15, 2018

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

If you only take a single credit maxim to heart, it should be to always pay your bills on time. A single late payment can drop an excellent credit score (750 and above) by over 100 points. It will stay on your credit report for the next seven years, and it can make it difficult for you to get loans or secure an affordable interest rate.

But what happens if you make a single honest mistake, or you have an emergency that affects your ability to pay? Depending on your relationship with the creditor, you may be able to get the late payment removed from your credit report. It isn't always possible, but it's worth a try, especially if you've always paid on time in the past. Here are a few things you can do to improve your odds of getting the late payment wiped from your credit report.

Mature man sitting at computer looking frustrated

Image source: Getty Images

First steps

If you know you've missed a payment, your first step should be to check your credit reports to see if your creditor reported it. It won't appear unless it's at least 30 days past due, and some accounts may not report it unless it's at least 60 days past due. If you've always paid your bill on time in the past, your creditor may give you the benefit of the doubt and not report the missed payment at all.

If you notice any late payments on your report for accounts you don't recognize, then you may be the victim of identity theft. Place a fraud alert on your credit report and contact the credit bureau and the financial institution immediately. It may take a couple of weeks to sort out, but the credit bureaus are legally required to fix any errors on your credit report, so you shouldn't have too much trouble getting these late payments removed.

Request a goodwill adjustment

If you've been a loyal customer for many years and this is your first late payment, your creditor may be willing to forgive your mistake and remove the late payment from your credit report. This is called a goodwill adjustment. You can contact the creditor by phone to request one, but you may have better luck by writing out a formal letter.

This letter gives you the opportunity to explain why your payment was late. If you have any proof that backs up your claims -- a copy of a medical bill for an unexpected expense, for example -- it's a good idea to include this as well. The more proof you have that your missed payment was truly a one-time occurrence, the more likely your creditor is to remove it. Send the letter via certified mail so that you'll know when the letter is delivered.

Whether you're requesting a goodwill adjustment by phone or by mail, it's important to be polite. Remember, your creditor doesn't have to remove the late payment from your record if it's accurate, and they're less likely to do so if you come across as angry and combative.

Negotiate

If your creditor refuses to offer you a goodwill adjustment based on your previous payment history alone, you may have to offer the company something in return. If the debt is still outstanding, you can agree to pay the full balance off at once. Or you could try offering to sign up for auto-pay to ensure you don't miss any payments in the future. Make sure you get a copy of any agreement you've made with the lender in writing so you can refer back to it later.

If you've tried all of this and your creditor still won't budge, you may just have to accept that the late payment is going to stay on your report. All you can do from there is make sure all your successive payments are on time and do what you can to improve your credit score, including using less than 30% of your available credit and maintaining a good mix of credit accounts.

Over time, that late payment will affect your score less and less as your more recent payment history takes precedence, and after seven years, it will be as if it never happened.

Top credit card wipes out interest until 2022

If you have credit card debt, transferring it to this top balance transfer card can allow you to pay 0% interest for a whopping 18 months! That’s one reason our experts rate this card as a top pick to help get control of your debt. It’ll allow you to pay 0% interest on both balance transfers and new purchases until 2022, and you’ll pay no annual fee. Read our full review for free and apply in just 2 minutes.

About the Author

The Ascent Staff
The Ascent Staff icon-button-twitter-2x

Share This Page
Facebook Icon This icon shares the page you are on via Facebook
Blue Twitter Icon Share this website with Twitter
LinkedIn Icon This image links to share the page over LinkedIn.
Email Icon Share this website with email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Related Articles

Credit cards on a desk image for Best Credit Cards for 2021

Best Credit Cards for 2021

Interest spelled out on a calculator image for Compare Credit Cards Side by Side

Compare Credit Cards Side by Side

Man holding cash image for How Do Cash Back Credit Cards Work?

How Do Cash Back Credit Cards Work?

Cyber security and computer screen image for How to Protect Yourself from Credit Card Fraud

How to Protect Yourself from Credit Card Fraud

Featured Articles

Best Credit Cards for 2021

Compare Credit Cards Side by Side

How Do Cash Back Credit Cards Work?

How to Protect Yourself from Credit Card Fraud


The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool