Credit Repair experts explain how late payments can hurt your credit negatively in the latest blog.
Late Payments V. Inquiries
Late payments are typically the cause of a major score drop. Typically a late payment can be worth 40-45 points negative. Reoccurring lates add up if they are not caught up accordingly. Inquiries are worth negative 2 points per pull. There is no such thing as a hard or soft pull. They all are two points per pull. Removing inquiries does not help improve the credit score. The late payments need to be updated. You may need help from a credit repair expert in order to mend the situation.
What if you leave it?
Late payments can be on the credit reports typically 7-10 years. Rare cases some items might be on up to twenty years! Freezing credit nothing can go on, or come off. It is an option, but it will not benefit your credit any by staying on. Some people decide to dispute negative items themselves which is another option. It can be beneficial and time consuming. Just make sure you understand how you are disputing and what you are doing. By not knowing and understanding can be more harmful than helpful. Another option is hiring a credit repair company that is reputable and knowledgeable of the process.
Impeccable Credit Services has been in business for 18 years. We have two physical locations. Along with attorneys with 12 years experience our system is derived of laws and statues that help the clients with their overall credit needs. Our motto is Repairing Credit, Changing Lives. Credit repair is not just removing negative items, but educating clients how to build credit. We teach our clients step by step in order for them to achieve financial success. If you have any questions please feel free to contact us 713-378-1500.