Where Can Consumers Dispute Late Payments Reported On Their Credit Reports

How to Dispute Late Payments on Your Credit Report

It has happened to most everyone who has credit of any type and now it has happened to you. You just found out that your credit report is showing some incorrect information about a credit loan you have been paying on. You applied for a new loan through your bank, and were just turned down for the loan because of some apparent late payments with another creditor that you have been paying on-time for many years. You make it a priority to always pay your bills on time, and you are proud of your perfect credit. So, when your bank sent you a denial letter you were stunned, and then furious. You need to know how to correct this error, so your ability to borrow money is not affected ever again.

Disputing late payments on a home loan, an auto loan, or any other derogatory information on your credit report is something that can be completed very easily, you just need to know the steps to take. If you find out about the erroneous information on your credit file by getting a free copy of your credit once every twelve months, you can mail in your dispute letter to the credit bureau, or dispute the erroneous information right online. Once you have submitted your dispute with details of which credit account is showing the wrong information, and why it is incorrect, the credit bureau will have thirty days to contact the credit card, mortgage company, or bank auto loan to verify the accuracy of the information. If the credit card, mortgage company, or auto loan bank responds to the credit bureau that the information is correct, the credit bureau will then let you know that they have verified it to be correct, and it will remain on your credit report until otherwise informed.

At this point you will want to dispute the erroneous late payment information with your creditor. Contact your creditor to let them know you are disputing the late payments, and ask where you can send in your evidence showing you made your payments on time. You may need to make copies of cleared checks, or your bank statement showing the dates that your payments cleared. If you handle your payments online through your bank, your bank can usually call your creditor to dispute the late payments on your behalf.

Once your creditor has corrected their records, they will then be required to notify all three credit bureaus, within thirty days, about the on-time payment history. At this point you will be entitled to obtain a free copy of your credit report from the credit bureaus to show you that your credit history has been corrected to reflect your perfect payment history.

This article was written by Steven Moore, who has been covering consumer finance and the credit card markets since 2006. You can learn more and connect at his Google+ page.