How Can I Dispute a Late Payment with Affirm?

Question from Tim, How Can I Dispute a Late Payment with Affirm?

Answer from AI:

If you’ve been reported to credit bureaus for being 30 days late on a payment with the pay-over-time app Affirm, and you believe this to be in error or wish to dispute it, there are steps you can take to address the issue. Here’s a general guide on how to proceed:

Step 1: Review Your Affirm Agreement and Payment History

• Start by reviewing the terms of your agreement with Affirm. Understand the payment schedule you agreed to.
• Check your payment history to confirm whether you indeed missed a payment or if there might have been an error.

Step 2: Contact Affirm Directly

• Reach out to Affirm’s customer service to discuss the late payment. Explain your situation and ask for any possible solutions.
• If the late payment was due to an error on their part, request that they correct the information and notify the credit bureaus.
• Keep records of all communications with Affirm, including emails, letters, and summaries of phone conversations.

Step 3: Dispute the Late Payment with Credit Bureaus

• If Affirm confirms the late payment but you still believe it’s incorrect, you can file a dispute with the credit bureaus.
• Send a dispute letter to each of the credit bureaus that have the incorrect information on your credit report (Equifax, Experian, and TransUnion).
• Include copies of any supporting documents that prove your case, such as bank statements or correspondence with Affirm.
• The credit bureaus typically have 30 days to investigate your dispute.

Step 4: Follow Up

• After you’ve filed your dispute, make sure to follow up with the credit bureaus to check on the status of your dispute.
• If the credit bureau corrects your information, request that they send you a copy of your updated credit report.
• Also, ask the credit bureau to provide a notice of the correction to anyone who received your report in the past six months (or two years for employment purposes).

Step 5: Consider Goodwill or Negotiation

• If the late payment is valid, you might consider writing a goodwill letter to Affirm, explaining any extenuating circumstances and asking them to remove the late payment as a gesture of goodwill.
• Some companies may be willing to remove a late payment from your credit report if you’ve otherwise been a good customer and it was a one-time mistake.

Legal Considerations and When to Seek Legal Advice

It’s important to understand that if the late payment is accurate, credit bureaus and Affirm are not obligated to remove it from your credit report. However, if you believe your rights under the Fair Credit Reporting Act (FCRA) have been violated, you may want to seek legal advice. A lawyer can help you understand your rights and may assist you in taking further legal action if necessary.

Remember, maintaining open communication with Affirm and addressing the issue promptly can be key to resolving any disputes. If you need personalized advice, it’s always best to consult with a legal professional.

For more information on disputing credit report errors, you can visit the Federal Trade Commission’s page on disputing errors on credit reports.