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How do I recover from accidentally missing a credit card which made my account delinquent?

Personal Finance & Money Asked by Eli on January 28, 2021

I have a credit card that I rarely use. It is set up so that the full balance is automatically paid off each month from my bank account.

I switched bank accounts and updated the account details for the credit card, but the credit card company still tried to get the payment from my old account. The next automatic payment would have gone out from the updated account, but they ended up reporting me to the credit bureaus (Experian, TransUnion, and Equifax) for the missing payment, and my previously great score is now in the dump.

Ultimately, I know it’s still my fault. I should’ve been more diligent. My question is how can I recover from this? I manually paid the balance immediately. I have submitted disputes to the three credit bureaus. Is there any way to "quickly" recover my score? Is there anything I can do to help my dispute case or beg for the credit bureaus’ compassion? Any insight is appreciated!

One Answer

Why did you submit a dispute to the credit bureaus? Do you believe that the reported information is incorrect? It doesn't sound like it from your description. It sounds like the credit bureaus are correctly reflecting the fact that you made a late payment. You would send a dispute to the credit bureaus if you believe they are reflecting incorrect information-- an account that isn't yours or a late payment that was actually on time.

Have you called up the credit card company? Normally, if you've got a solid history of payments, call them up and explain the situation, and ask nicely, they're more than happy to remove a late payment from their system (which will then get sent to the credit bureaus the next time they report) and to waive any late fees. Particularly if they should have taken the payment from the new account (I'm not completely clear on the timing here-- did you update the payment information really close to the payment date?).

The credit card company has an interest in keeping you happy since they make money when you use their card. The credit bureaus derive little benefit from keeping you happy-- you're the product for them, not the customer.

Answered by Justin Cave on January 28, 2021

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