Remove Late Payments: Tips from Consumer Financial Protection Bureau

Name: Remove Late Payments: Tips from Consumer Financial Protection Bureau
Uploaded: 2023-09-02 14:40:02
Description: Consumers can use specific consumer laws and resources provided by the Consumer Financial Protection Bureau to request the removal of late payments from their credit reports, improving their credit scores and financial well-being.

This article is a summary of a YouTube video "How to Remove Late Payments Pt 2 💰 Consumer Financial Protection Bureau" by Wholesome Financials

TLDR Consumers can use specific consumer laws and resources provided by the Consumer Financial Protection Bureau to request the removal of late payments from their credit reports, improving their credit scores and financial well-being.

Key insights

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The speaker suggests using a specific consumer law (15 US Code 1666b timing of payment) to request the removal of late payments from your credit report.
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The Consumer Financial Protection Bureau provides valuable information and resources on how to remove late payments, helping individuals improve their credit scores and financial well-being.
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Utilizing different laws in conjunction with each other can strengthen your case when dealing with credit bureaus and resolving late payment issues.
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"Your bank cannot disclose your personal information to the credit bureaus unless." - This highlights the importance of protecting personal information and maintaining privacy when it comes to financial transactions.
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The option to opt out of disclosing information to third parties can be a useful tool for consumers to protect their privacy and control the dissemination of their personal data.
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The CFPB website allows consumers to easily start a new complaint by providing their personal information and selecting the type of complaint they have.
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If the Creditor does not remove the late payments, the individual will continue to tackle the issue with more laws.