Create an Overdue Payment Letter for it with Ease

Overdue payment letter for IT

I'm going to teach you exactly how to delete late payments from your credit report for free one late payment can drop your credit score 60 to 120 points overnight so in today's episode I'm going to give you a three-step process that you need to pay attention to you need to make sure that you watch this till the end so on step one I'm going to teach you exactly how to dispute and attack late payments and I'm going to give you the actual letters that you can use step number two I'm going to show you how to ask for forgiveness if the letters do not work and step number three I'm going to tell you exactly how late payments affect you and how long they're going to hurt your credit score this is Step number one we need to dispute the late payments properly and what I mean by that is stop saying I want you to delete these late payments we do not want them to delete the late payments I know that sounds crazy right we want them to reverse the late payments to be on time paid as agreed if you use the verbiage remove or or delete this from my credit report it can cause them to delete the entire account and we don't want that unless you're someone that has more than 10 late payments or more than 20 late payments on your actual item on your credit report like if you're someone that has an account with credit acceptance and you had way too many late payments I know who you are I've seen those credit reports you need to delete that entire account cuz there's no way you're going to convince somebody to reverse 10 late payments to be on time is just not possible you have to use logic Sometimes some people think that this is going to be an overnight sensation it's going to be easy it's going to be a fast process no it's not going to be now we want to go to annualcreditreport.com because you can get your credit reports for 100% free once a week from annualcreditreport.com you want to go to the actual account that is showing the late payments you want to print that page out and you want to highlight with a highlighter the late payments that you are going to try to attack for every single Credit Reporting Agency and you're going to make copies of it because you want to send this in with your dispute letter now let me show you what your first round dispute letter should look like please remember this is a template letter you can move the actual format around you can change it you can put it in a different color and you can also handw write it it does not have to be actually typed up that's not necessary so on the top of the letter I put it in the center your first name middle name last name your full mailing address your the date that you're going to send the letter your date of birth and the last for of your Social I recently looked at my credit reports and I noticed that you are reporting some late payments that are not accurate and I would like you to update these late payments to on time paid is agreed I have listed the account name account number below along with the date you are reporting late and those dates need to be changed to paid as agreed so we listed account name account number the date's not reporting accurate please fix this immediately as it is hurting my chances of buying a new home and these late payments are not accurate and you're going to attach a copy C of your driver's license a copy of your utility bill a utility bill be can be any type of utility gas light water cable car insurance your car registration anything that shows your physical address also make sure to sign your letter anytime you send any letters to the credit reporting agency make sure you sign it with wet ink that's very important if you can get this notorized at your local bank for free do that also because the credit bureaus are actively trying to stop people from disputing and sending them stall tactic letters stating oh looks like we got a letter that didn't appear to be from you and literally your actual utility bill and identification can be attached the letter and they're like oh doesn't look like it's to you n we're not investigating this is going on right now and it's been a huge problem so make sure you do this and you do it properly and if you can attach a copy of your Social Security card all of this needs to go in every single round that you send out to the credit reporting agent make sure to send every round of your letters as certified mail spend a little bit more money it's going to be worth worth it serious Pro tip we're going to dispute for up to four rounds each round is going to be 35 to 45 days maximum and do not and I repeat do not send an actual forgiveness letter or a Goodwill letter to the Creditor before you dispute it because now if you did that they have a letter and you're admitting that you were late don't forget to attach your credit report showing the actual late payments on the actual account that needs to go in with your letter every single round because that's your proof of what you expect them to actually update so the round has ended if they did not reverse it or you did not get a response in 35 to 45 days maximum then we're going to fire off round two now round two same structure I sent you a letter last month because you were reporting some lay payments that are not accurate and I asked you to update these lay payments to on time pay as agreed you seem to not understand how serious this is because you have not fixed this issue for me yada yada yada not going to keep reading that so you're going to send it certified mail you're going to sign it get it notorized at your local bank for free and you're going to attach your previous letter made copies of all of these letters you're going to attach your previous letter and the actual receipt that you sent in that was certified and you're going to also attach a copy of your credit report showing those late payments that you attached the last time so every round that we go we're going to attach the previous month's payments if we make it all the way to round four so now we are on round three we waited 35 45 days maximum if they have not responded or they did respond that it's accurate it's verified and complete we'll fire off round number three round three same structure okay so this is in fact my third time sending you a letter and this is not funny anymore this is a super serious matter and I need you to take me serious there are late payments on my credit report that are not accurate so I'm not going to keep reading that I'm going to leave it up on the screen so you can actually see it but you need to sound like a human being you see what we're doing here and of course we're going to attach all the previous evidence from the last two rounds into this envelope it's going to be a thick envelope but we want this because every time you send in proof and any type of evidence guess what they do actually take it serious last part is the most important again make sure to sign your letter make sure you get it notorized at your local bank for free and then send it certified mail we're going to wait 35 to 45 days maximum if they sent you a letter saying it's verified as accurate this is our fourth and Final Round same structure as the other letters this one is a little bit more dramatic I have less than 90 days to fix an issue I found on my credit reports and if this is not fixed me and my children will be homeless I don't have to read the rest of it I'm going to leave it up on the screen here for you while I talk now it's very important you sound like a human being remember that's very very important and key now we're going to print this letter off we're going to sign it we're going to get it notorized at our local bank for free we're going to attach all the other letters all the credit report actual uh information that shows that the items are still late then we're going to send it out certified mail and we're going to wait 35 to 45 days maximum all right so this is is part two if that did not work then you have one last option we call this the Goodwill letter we call this The Hil Mary we're going to go to a website called CEO email.com again the website is ceo.com do not click on the actual ads this site is 100% free but it is flooded with ads because whoever made this website that's how they get paid and they maintain this website this is the database for all of the the actual CEOs of all these major lending companies and it it's actually going to have the phone number their email address and their address but we want the actual email address because we're going to send a very simple letter to the CEO of the actual bank that you have late payments with here is your email template we're going to put it up on the screen same structure Dear Mr CEO first I want to thank you for taking the time to read my email as I could only imagine that you are super busy I have been a loyal customer to Capital 1 as an example for over 5 years I unfortunately went through a financial hardship and I was unable to make my payment on time I'm not going to read the rest of that cuz we want to keep the the video actually as short as possible but you want to sound as human as you possibly can you can change it up make up your own great story or if you actually went through a financial hardship tell them about it be a human being send it to the CEO's email and they'll usually respond in 15 to 30 days if they don't respond send another email you may have to send up to three possibly part three of this video how late payments actually hurt your credit score so take a look at this FICO score this is directly from FICO I'm not supposed to show it to you but I'm going to because that's what I do I bring you all the real information so look at the payment history now remember payment history makes up 35% of your credit score this is why it's high impact there's different types of late payments and they all act completely different we've never been able to Target exactly how many points each one affects you but there's a 30-day a 60 a 90 and a 120 and then charge off status you do not want that last final boss because that's the one that has the most weight and it hurts you the most but look at the very bottom of the payment history you can see there's low risk and high risk in the first year you're going to be deemed as a high-risk borrower this is why it tanks your credit score but it takes literally all the way up to 5 years for it to lose the majority of its weight once you hit year six then it has very little then after 7 years it does not matter this is how long it takes for your score to rebound for a late payment and this is why it's important to attack it if you can if it's anything past 6 seven years it may not even be worth it for you to attack it don't waste your time or your money I hope you enjoyed this video make sure that you watch the next video because it is about how to delete charge offs and don't forget subscribe to increase your 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