Late Payments

[SCS]

Do goodwill letters really work for late payments?
What else can we try?

[Lian]

The first issue with lates, as with any item appearing in your CR that you want removed, is whether the information is accurate.

If the information is inaccurate, then it should be disputed, either through the CRA or directly to the creditor under the direct dispute process.

If the information is accurate, then it is legitimately reported. Removal prior to, in this case 7 years from the date of the monthly delinquency, requires asking the creditor for deletion based on their good-will.

The extent to which GW letters "work" depends upon each individual situation. In pleading good will removal, my suggestion is to try to offer some reason that is not just of benefit to you, but also to them. If you have had a long history with them, and this is an anomaly, they most likely want to keep you as a customer, and grant of GW may also be to their advantage. Pledges to do more business with them, etc.

I would not overemphasize the effect of prior hardship on the prior delinquency unless you also explain how that hardship no longer exists. Put yourselves in their shoes, and don't base the entire plea just on the advantage it will have for you.