Not Better Late then Never

It is already a well known fact that being late on your payments is not good for your credit score. That said, where you stand on the ladder of how high your score is will determine just how much you will be negatively impacted from a late payment. For example, someone with an impeccable past payment history and a 790 score will feel the effects of even just one 30 day late payment much more than someone with a 690 score.
The cost of a 30 day late for the former might be close to a 100 point decline and at least a 50-60 point decline for the latter. It is the old adage, the bigger you are, the harder you fall. The one saving grace may be that because you might be someone who in the past has demonstrated a proven ability to maintain a near-perfect payment track-record; a lender may be willing to even forget about reporting you as being 30 days late in the first place. This is where that so-called idea of having a good “relationship” with your lender comes into play. Conversely, if your lender does indeed report you to each of the three credit bureaus as 30 days late for the first time ever, give them a goodwill phone call and simply ask very nicely if they would do you a favor and remove it altogether. Hey, ya never know.
The truth of the matter is that staying current on your bills by making your payments on time is the single most important factor in determining your credit score. However, future lenders will give much more credence to your more recent payment history versus your distant past payment history. So, what should you do if a creditor reports you negatively to the credit bureaus.
Pick up the phone and call your lender. It’s really that simple for a starting point. I would advise not choosing to speak to the first person that picks up the call because usually you’re simply reaching a call center. Be bold and ask for a Supervisor. Speaking to a supervisor may ensure that the job gets done effectively in terms of removing the negative reporting. Be kind, be soft-spoken, and ask for the negative reporting to be removed. Don’t be forceful, negative, or rude. Finally, if that doesn’t work write a letter to the creditor politely asking for them to remove any negative reporting. If nothing happens, after a month, write a second more terse letter. Keep writing until it gets removed.

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