A goodwill adjustment allows a creditor to remove the late payment from your credit report.
You can also write letters directly to the credit bureaus. Goodwill adjustment letters work best for smaller creditors such as utilities and small credit unions.
In the following video, Michael Bovee (founder of Consumer Recovery Network) shares his thoughts on the use of goodwill adjustment letters. He helps educate consumers on debt and credit issues.
Make Life Easier (Set Up Automatic Bill Payments)
For large expenses such as your mortgage or car loan, you can set up payments for automatic payment so the loan payments are taken directly out of your checking account.
This is a good way for you to never miss your loan payment. Making sure you have an overdraft account linked to your checking account will make sure you do not get into a situation where there is no money in your account to cover your payments.
Using online banking will allow you to see what is going on with your account at any moment. Getting in the habit of checking your account often will make it easier to stay on top of the money going in and coming out of it.
Dispute Errors Quickly
If you find errors on your credit report, make sure you dispute them right away. Errors can happen even to consumers with the best credit scores.
They can include simple things like wrong names and addresses or even reveal identity theft. That is why it is important to make sure all information is correct.
Get Some Credit Counseling
If none of the above suggestions help, there are reputable credit counselors that can advise you on managing your budget. You can find a list of credit counselors organized by state. You can also hire a credit repair service