2.8 min read

It happened. 

You applied for a loan or for a high-clearance position at a company, you filled out an application and a nonprofit to sit on their board or you simply checked your credit rating. 

You have a low rating, or lower than expected and it is because of late payments.

However, you can’t recall one single time that you had a late payment.

Here is what might be happening.

Problem One of Two

First of all, we are knee-deep in a pandemic. Mail is late, not enough staffing at workplaces and people are tired. There’s bound to be late mail, incorrect keying, and other mistakes.

As long as you have your proof of payments, you are in a good place. The proof needs to have the date for good faith timeliness to be considered.

Here is what you do:

  1. Make a copy of your proof with timestamps/datestamps
  2. Forward in an email if possible to a specific person
  3. Give that person (5-7) business days to acknowledge.
  4. If they do not, find another person or department, with a forward of the last email, connect again.
  5. At this juncture, they should eliminate the fact that you had a late payment. Get this in writing.
  6. Then send their acknowledgment and your proof to all three credit companies, requesting they update your credit score.

Problem Two of Two

You might have a partner dipping into your account. Maybe you gave them access, which is usually the case, but maybe you did not. If you did not, here is what to do.

  1. Contact your bank about the situation
  2. Get the resolution on paper
  3. Forward this proof to the crediting agency
  4. Request to have your credit score adjusted to reflect financial abuse and theft.

If you did grant them access, you might not realize that if they are taking money out, even in small increments, your money might lag to the said lender. For instance, you have $100 in the account, your bill to Big Store Place is $20 a month, but Mr. Joe in the Wilderness, your partner, has used $80 total in the past month for fast food at work, a few lottery tickets, etc., The bank charges you $2 every time you dip under $100. You have an automated system set up but the money doesn’t go into that account until Friday, but you think you are fine. However, now you are $82 under, and you don’t have the $20 to send to the lender, even though you *think* you did. The lender tries three times and on the third time it does go through, but it goes through three days after the due date.So, it was counted as a late payment.

This can happen and does happen.

The only thing here to do is show the lender proof and hope they erase the late payment and maybe, late fee and then if so, contact the credit companies and hope they can address the late fee score.

It’s also a good idea to either have a conversation with your partner or limit their access to your account that bills come out of.

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