Removing Late Payments HOW TO ?

[directimports3]

I have a school loan that when I was younger was not really to concerned about paying. I apparently missed 13 payments each over 90 days. Is there any possible way that I can have these removed and if so. What is the best way to go about doing so.

Thanks.

[Hal Jordan]

You pretty much have the basic three options.

1: Dispute them directly with the Credit Bureaus as never late and hope they can't verify them so they'll delete them (Unlikely but does have a slim/slight chance of working)

2: Write a goodwill letter to the Student Loan company with a sob story of why you were late and an apology and then thank them for taking a chance on you and for opening all these doors that would have remained closed without them.. yada yada yada.. Then ask them to please remove those lates because you need to buy a home for your sick child or to get help paying for grandma's medication etc.

3: Dispute with the Credit bureaus and when they come back verified file a 623 dispute directly with the student loan company. These you have to hope that the OC doesn't retain older records or detailed records and won't be able to verify their own missed payment history and thus delete the negative entries from your credit reports.

Student loans are some of the toughest late payments to get removed because they have policy and protocol to govern everything they do and they tend to keep immaculate records.

Good luck!

Also, when you say "younger" how many years ago are we talking? If it's been in the last three years or so that's considered recent and will probably be more difficult. However, if it's over 5 years ago I think you're chances are much better with the 623.

[Lian]

I have a somewhat different take. I would never recommend disputing if the information is known to be accurate. Disputing requires provision of some supporting documentation, not just a statement that you dispute.

1. Dispute the items if they are inaccurately reported. You must provide sufficient information to substantiate the basis of the dispute. Disputes lacking sufficient documentation of the asserted inaccuracy can be dismissed as frivolous or irrelevant. 16 CFR 660.4(f)(i).

2. Dont dispute first through the CRA if you later wish to use the direct dispute process, as once the creditor has investigated your dispute through the CRA dispute process, they can dismiss any later direct dispute as "frivolous or irrelevant" on the basis that you are asking them to reinvestigate a dispute they have already investigated.16 CFR 660.4(f)(ii).

3. The creditor is not compelled to provide documentary evidence to verify the accuracy of their prior reporting in either the CRA dispute process, or the direct dispute process. They merely have to make a finding and report that finding to you. Factual support is required through the discovery process if you are disputing the matter in court, but is not required under the administrative FCRA dispute processes. If a "verification" is later shown to have been knowingly false by the later production of facts, they have civil liability for such a knowingly false "verification." But you cant compel those facts in the FCRA dispute process.

3. If the information was accurately reported, you are left with the good-will process. There are two types of good-will approaches, one where you have previously paid the debt, and the other where you have not. If paid, then the usual pleas for deletion are your only tool. However, if not paid, you can offer payment as an incentive for their good-will deletion of their prior reporting.