Unexpected expenses and sudden loss of job are the main reasons a person ends up missing on their monthly loan or credit card payment. In such cases, you end up with a late payment mark in the credit rating which can prove to be derogatory to your credit score. However there is hope to improve your credit rating by working to remove late payment from the credit card.
Basically, different types of late payments are not termed equally. Being late by a month or two will not damage your credit report much, and can be removed easily. However if you fail to make a payment by 3-4 months, it can cause significant damage to your credit score.
It is up to the lender toe decide whether to mention late payment on your credit score or not. It is not always that the lender will immediately announce late payments of 1-2 months as they work and want to keep your business.
You may have to send a dispute letter to the credit bureau
However if you know that you will be late with your payment by a few months, it is suggested to make a phone call or send a letter to the lender explaining the reason for your late payment. By adding that you would be grateful for them for not including your late payment status to the credit report, most lenders work to remove late payment from your credit rating.
However before you actually ask the lender to remove the late payment; it is better to ensure that your account is up to date. It is based on your payment history and the number of late payments that you have made that the lender decides to remove late payment or not.
If your letter or phone call is not effective in getting the lender to remove late payment, the next thing you have to do is to send a dispute letter to the credit bureau. Mention the reason for your late payment, show that you are otherwise up to date in your payments and you may get the credit bureau carry out an investigation and help to remove late payment.