Goodwill letter to creditors

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Hi Mark and thank you for posting.

Can you share more information on what is happening?  

From your post, I am going to guess that you have some sort of closed account on your credit report showing 2 late payments.

You can try disputing that information in writing directly with the credit report agency or agencies.  They will investigate, and if the information is incorrect, make the necessary changes.

Otherwise, if the payments were late, then it stays on your report for up to 7 years I believe.

I had this happen when I made two late payments on my mortgage.  While I was able to get the balance current and eventually paid it off, those late payments stayed on my credit report for 7 years

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It depends on a lot of things; mostly the creditor.  Some won't budge ever, some will consider removing late payments after a few years have passed.  Basically you send them a letter explaining why you were late and highlighting your otherwise stellar payment history, and ask if they will remove the late payments.  Humility and diplomacy is absolutely key here.  They have absolutely zero incentive to give you what you want, so you can't come across the least bit entitled.

Whatever you do, don't try a dispute with the CRAs before sending a goodwill letter, and waiting a minimum of 3 months for them to act on it.

Edit: Some people have reported having the creditor remove the entire account in response to a goodwill letter.  Most of the time this will result in a significant score drop because the positive payment history and age of the account is helping much more than the late payments are hurting.  Late payments have very little, if any, negative effect on your score after 2 years, so I would advise leaving well enough alone unless you can afford to lose the entire account.

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