If you paid late once and there's a high chance you will pay late again in the near future because of a financial issue, let the lender know, said Schulz.
"It's one thing to go to the lender every other month and say, 'Hey, I was late with this, can you waive that?'
If you made a one-time mistake, you can reach out to your lender and ask to have that late payment scrubbed from your credit report, experts say.
"Your credit report is just a collection of a bunch of data points representing how good you are paying debts back," Schulz said.
If lenders begin to "cherry pick" what goes on in the report, the data becomes unreliable, and it doesn't help lenders make decisions.
Persons:
it's, Greg McBride, Schulz, McBride, " Schulz