Remove Citibank Late Payments
Posted on January 27, 2009
Filed Under Credit Repair, Late Payments, Remove Collections |
If you are dealing with late payment with citibank, you need to know your options. I can understand that having a late payment on your credit report, can be nuisance. In addition, a late payment can prevent you from getting the mortgage that you might need or other financial applications could be declined based on a damaged credit score.
So, you have a couple of options when you have a late payment with Citibank (mortgage, credit card, or any other loan). The first thing to do is get current with your debt obligation. If you are currently late, try to make catch up payments as quickly as possible. The reason for this is because the damage done to your credit score becomes greater the longer that you have a late payment. For example, if your payment is 30 or days late, that is a negative on your credit report. However, if your payment becomes over 90 days late, then your credit could become severely damaged. A 120 day late payment has essentially been charged off by citibank (they dont expect to get paid). You dont want to find yourself in these situations.
However, in order to get a late payment removed you can contact the financial institution (citibank) and work out a deal with them. Contact them be letter to have your debt removed from your credit report. If it was an error they can do so right away. However, if it is a legitimate late payment, they have no obligation to remove it. So, the only thing to do is ask them to make a “goodwill adjustment”; which they may or may not do. Or you will just have to wait the typical 7 years for the late payment to be removed.
There are many more situations that you may come across when seeking to improve your credit score. I discuss these in much more detail in my free credit repair course.
