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In this tutorial, the speaker, Nam, explains how to remove late payments from credit reports step by step, sharing methods he has used successfully with clients. The video is aimed at individuals with less than excellent credit, particularly those with a score of 720 or below, as each point on their credit score significantly impacts loan approvals, credit card applications, and interest rates. Improving your credit score can lead to substantial savings over time. Before outlining the process, Nam provides a brief overview of late payments and their effects on credit scores, specifically detailing the components of FICO scores.