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nickc232

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can i get late payment remarks removed from ckosed accounts? If yes, How do i go about doing so?
i have tons of late paymnets on accounts that are closed and have been fro a couple years. Can i get them removed?

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It's your history.

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The Fair Credit Reporting Act is a federal regulation that requires accurate reporting of all credit transactions.  If you did, in fact, make your payments late, that fact will remain on and have an influence on your credit score for 7 years.  It cannot be removed. The closed accounts will remain for a total of 7 years after date of last activity and nothing can change that fact, either.

So, I recommend making sure all payments are on time for the future to help build your credit score. And be sure to check all 3 credit reports every year so you can make sure all errors are removed.

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A primary purpose for the FCRA is to codify rules so that consumers can have factually incorrect information removed if it can't be proven to be true, as opposed to the way it was in the past, when a consumer had to prove that the information was false, or it stayed on. Regardless of what the FCRA says about ensuring complete accuracy of reporting, it is ultimately up to creditors to decide if they want to report, exclude or remove derogatory information. It's highly unlikely that any creditor will ever get in trouble for removing negative information they reported about their customer. In order for that to happen, a consumer would have to actually complain that they suffered harm because the creditor took an action that improved their credit profile.  

I had about 20 years of spotless credit history, and an 800 FICO without a mortgage (renting).  But late last year, I had some health issues and lost track of a lot of my daily activities for a bit. The net result was that I ended up with two 30-day lates, and one 60-day late. In reality, the two 30-day lates were probably 60 as well, but I've been a customer with those two creditors for 6 and 10 years, so when I made the payment, the 60-day late never appeared on the credit report. The other creditor, who I inherited when they bought my prior card issuer, has only been my card provider for a couple of years.  

In the end, both of the card issuers who issued the 30-day late notations removed them after I called and politely asked them if they could remove the negative items for a long-time customer who had always paid on time except for a bad patch last year. One of them even expedited the reporting so that I could qualify for a loan sooner. I have a $40,000 tradeline with one, and a $20,000 tradeline with the other, and they could see that I really did have only that single bad payment event.  

The one with only limited history wouldn't budge, however, and there's no reason for them to do so. They did remove the "Consumer Disputes Account" notation that had been put in when I was arguing with them about the late payments (and they did it in about two hours). As you might know, most mortgage lenders won't close with active disputes showing, as it requires a manual underwriting and increased scrutiny of the loan file (it can also mask the true FICO score, both negatively or positively, because a dispute effectively freezes the scoring on an account for a period of time). 

Unfortunately in your case, those are closed accounts and it doesn't sound like there's some sort of ongoing relationship with the creditor. If, for instance, it was a BofA account, and you still had an account with BofA, even though it's not the same one, they would have some motivation to help you.  But when accounts are closed, there's not really a good reason to honor a customer's goodwill request.  It can't hurt, though, in my opinion.

Also, I don't think sending a form letter has much impact. You are better off trying to reach a friendly customer service rep on the phone, and telling them your tale of woe, how you are trying to build up your credit, how you totally messed up in the past and are sorry that you had late payments with them, but want to know if there's anything at all they can do for you now that you are mending your ways. A letter lacks the sort of compassionate plea on your part, and desire to help on their part, that you are actually looking for. 

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Then what is the idea behind a goodwill letter?

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Reply by
JBirley15

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Goodwill letters typically do not work. I tried on 2 accounts for old late payments I got and have since had 4 years perfect payment history. I got a letter back from both stating pretty much exactly what jwsister said below. You might as well send one, it will not hurt, but do not get your hopes up. After they deny your request, which they will do, you can try to call and speak with a manager and see if you can convince them to remove them; however, once again don't get your hopes up. There is no reason to not try.

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