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Lates Removed?


shllby1
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Sometimes...it depends on how you go about it. Some people recommend being very careful because disputing any info regarding the TL could lead to a total deletion thus harming your credit report. In my case, I disputed w/ the credit bureau's that the account was "never late" and they checked with the furnisher (Key bank) and it ended up being removed and changed to, "never late, paid in full."

Good luck!

Elyse

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Accurate reporting requires them to report in agreement with their internal policies and procedures. For example, they can have a policy to forgive late payments which were made under certain conditions. Take the Federal Government as an example! After you rehab student loans, they remove all derogatory information about that loan from your credit file. All late pays, all default info, everything - clean as a whistle. How is that accurate information? Because according to their internal policies and procedures, that borrower is no longer considered to have paid late.

In short, they can do almost whatever they choose to the advantage of the consumer. It's with derogatory information that the law is very specific.

I have heard many times:

1. It's against the law

2. It's against our contract with the CRA's (that could be the case, too!)

3. It's against our procedures (likely the case)

4. I'm not allowed to do that (no we're getting closer to the truth!)

5. I reviewed your account and I don't see any reason to adjust the reporting or I reviewed your account and decided to update the reporting as pays as agreed.

If you are talking to someone who gives you any of the above 1-4 answers, chances are the answer they are really giving is #4. As you climb up the food chain, you will continue to hear #1-4, until you get to the executive suite. In the executive suite, they have discretion, even contractually.

Now, if you were frequently late, or frequently 1-29 days late and just barely squeeking your payment into the slot on the door before the 30 day cut off, well, you will probably get 5a. If you have a good story, reach the right person and were generally a good customer, or better yet, are a current, good customer, then you just might get 5b.

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Pilgrim,

Quick question for you--if a consumer were to bust their butt to get their payments in on time and did so for a certain period of time (say, at least 2+ yrs) would it be possible to send a goodwill letter to dispute the "other" lates or would there be any point at the 2 yr mark? I'm thinking if lates can report for 7 yrs, there would be.

Elyse

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We have a car financed through Wells Fargo and on our report its in the Negative account sections because it was 2-30 day late and 1-60 due to my dh having surgery we got behind. Well when I called them they said I qualified for an extension and that is what they gave me so we could get caught up. Now I am wondering since DH is back to work and we are ok if they would update that as a favor.

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You know, it's all over the map. The key is to have a compelling story and find someone who will hear you out. I've heard of people getting GW deletes after only 6 months of early payments. The GW letter basically says - I love your company and plan to be a consistent customer for years to come. I had some hard times in the past, but I have gotten that squared away and I'm really working to move forward. The late notations on my account are really hurting me and my family. Please notice that I have been paying consistently the last 6 months blah blah.....It does happen and can work.

One thing to consider is getting as much bad stuff off the CR's before you need to GW the lates. With one creditor, I was able to send in a copy of my CR with their late as the only baddie on the report. It was all bundled up in a big FedEx that I sent to the executive suite. The bundle had:

1. My compelling story

2. Payment history showing that I was a good boy until the one mistake

3. Proof that I am a good credit risk in general with my credit report

4. screenshots of my previous praises of the creditor on planet feedback

this was planned out 6 weeks before sent. I posted the PFB praises and a few discussion board praises planning to send them.

Thing is - I always overkill - always. Drives DW crazy. But it seems to work with credit repair. Many say that sending the credit report is a bad idea, but if it adds to the compelling story, why not?

I had no expectation that some VP would read my 20 page FedEx. I wanted them to thumb through it quickly, and say, "Let's cut this guy a break!"

BTW - remember, we are in the season of good cheer! Give it a shot and you might be pleasantly surprised.

As a final note, I have also struck out no matter how much overkill. I still ahve one late payment on the CR- a 5 year old car payment. Compelling story and all, they won't budge. They just suck :)

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I always use the phone until I reach someone who has discretion to make gw decisions. Others have experienced success writing, some fedex'ing, some faxing, some emailing the CEO. There is no single recipe. There is, however, one critical issue - reach someone with the right pay grade to have the discretion to grant goodwill. It's probably a rare company where a CSR can grant goodwill deletions - that would bring on too much abuse. So, from my limited experience, the CSR was only a source of information to find out how challenging the corporation is. If they respond "We just don't ever do that, sir." then I know I have to climb pretty high on the food chain. If, on the other hand, the response is like - "I cannot change anything here, you need to speak with someone in the credit department." Well, that's a different story. That means that they haven't had it beat into their heads - no deletions, ever! So, then I would work on the credit department. Even there, chances are hot that the guy who answers the phone isn't the right pay grade either, but again a potential source of info.

When a simple CSR says "no," I always ask for their supervisor. When the super says "no," I always ask who has discretion in their company for such decisions. If the answer is no one, they you have the wrong super - call at a different hour or day and catch a different shift.

So, yes - I use the phone to speed up the process by learning a bit about the company and their corporate policies and structure.

Sometimes you will be told the name of a specific person who can help, sometimes a department. If a department, then Google good and hard and see if you can find a name of someone in the department. When you call the department, a low paygrade person will pick up the phone. His or her job is to screen your call. Try calling without knowing the name of the person you want to speak to and you will probably get screen. Have the right name and you can easily get through.

Same thing with GW letters. I've read about a lot of success with GW letters. I bet the letters that target someone at the VP level, instead of the CEO, and address them by name, are actually read by that person. The CEO's mail is read by someone with a high enough pay grade to have the discretion to not send the boilerplate response, but hand it to the VP responsible for it, so that can work also. I just think personally addressed letters to the person with the right discretion, but not too high to get screened out, is the best approach.

Sorry for rambling. Short version - I recommend phone for the purpose of finding out who to write to.

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I always use the phone until I reach someone who has discretion to make gw decisions. Others have experienced success writing, some fedex'ing, some faxing, some emailing the CEO. There is no single recipe. There is, however, one critical issue - reach someone with the right pay grade to have the discretion to grant goodwill. It's probably a rare company where a CSR can grant goodwill deletions - that would bring on too much abuse. So, from my limited experience, the CSR was only a source of information to find out how challenging the corporation is. If they respond "We just don't ever do that, sir." then I know I have to climb pretty high on the food chain. If, on the other hand, the response is like - "I cannot change anything here, you need to speak with someone in the credit department." Well, that's a different story. That means that they haven't had it beat into their heads - no deletions, ever! So, then I would work on the credit department. Even there, chances are hot that the guy who answers the phone isn't the right pay grade either, but again a potential source of info.

When a simple CSR says "no," I always ask for their supervisor. When the super says "no," I always ask who has discretion in their company for such decisions. If the answer is no one, they you have the wrong super - call at a different hour or day and catch a different shift.

So, yes - I use the phone to speed up the process by learning a bit about the company and their corporate policies and structure.

Sometimes you will be told the name of a specific person who can help, sometimes a department. If a department, then Google good and hard and see if you can find a name of someone in the department. When you call the department, a low paygrade person will pick up the phone. His or her job is to screen your call. Try calling without knowing the name of the person you want to speak to and you will probably get screen. Have the right name and you can easily get through.

Same thing with GW letters. I've read about a lot of success with GW letters. I bet the letters that target someone at the VP level, instead of the CEO, and address them by name, are actually read by that person. The CEO's mail is read by someone with a high enough pay grade to have the discretion to not send the boilerplate response, but hand it to the VP responsible for it, so that can work also. I just think personally addressed letters to the person with the right discretion, but not too high to get screened out, is the best approach.

Sorry for rambling. Short version - I recommend phone for the purpose of finding out who to write to.

Thanks! I need to find out who to contact at Wells Fargo Auto Finance now, lol...
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The FCRA only defines how long bad things can stay on your report. It says absolutely nothing about how long a bad item must stay.

As a matter of fact, the FCRA says nothing about mandatory reporting of anything. Credit reporting is completely voluntary by the furnishers.

So anyone who tells you it is illegal to remove a late mark on your credit report is full-o-crap.

Now they may have a contract with the CRA to provide certain information or to explain why they are removing a derrogatory, but again, it is up to the furnisher.

If the furnisher determines that a derrogatory item was a "clerical error" and should be removed, the CRA has no way to verify that it's true but they do have a legal obligation under the FCRA to do what the furnisher says. I recall a couple lawsuits where the CRAs have been sued for refusing to remove derrogs at the furnisher's request. The CRAs got pounded every time. So if you get even one written letter from a furnisher that they have requested removal of a derrogatory and the CRA has failed to do so, you can nail the CRA to the wall.

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