Did you know? Most student loan companies will remove the late payments on a student loan account after you have established 9 months of paying on time.
This is for federal student loans, not private money student loans, although you can still ask.
When you call to request the deletion of the previous late payments, there is a “magic word” you must say, and it is not please. The magic words are, “I have completed the 9-month rehab program of paying on time.”
9-month rehab is the magic code. Use it even if you were not officially pre-enrolled in a student loan rehab program. If you paid on time for 9 months, then that is good enough.
This is a one-time goodwill gesture for federal student loans. You cannot have late payments, then 9 months of on-time payments, then be late again. You need to show perfect payments after your time of financial hardship that caused the lates.
Ask the loan company to report this to the credit bureaus and to give you a copy (just in case you need to send it to the credit bureaus yourself). Most companies are happy to do this.
You can make the request by letter, but why not save time and postage by placing a phone call?
For more tips and strategies about getting late payments removed, see Repair Your Credit Like the Pros here.