How to Change Late Payment History on a Credit Report

Credit reporting agencies determine an individual's credit score from payment history, type of debt, length of account history, and the amount of revolving debt. Late payments contribute to a lower credit score and can prevent individuals from obtaining new credit or even employment. Creditors are responsible for providing the three major credit reporting agencies with accurate payment information. If the reported information is inaccurate, the credit bureaus and creditors are under legal obligation to remove it.

Instructions

1

Obtain copies of your credit report from the three major credit reporting agencies, Transunion, Equifax and Experian. Contact the agencies directly or use the services of an annual credit reporting service. Keep in mind that federal law dictates that a free copy of an individual's credit report on file with all three agencies must be provided free of charge at least once annually. You may also obtain a free copy if you have been denied credit or employment because of the report's information.

2

Examine each report separately and take note of any discrepancies. Check the credit report lists payments as current on each account. Write down any payments reported as 30 days late or more and find documentation that proves you sent the payments on time. Check to see what the credit reporting agency's dispute process is. Follow the steps in the dispute process, keeping in mind that some agencies have online forms that can be sent and others may need hard copies. Make note of any discrepancies in the payment information that each agency reports, as it is not always congruent.

3

Wait to receive the results of the dispute investigation. Within 30 days of filing a late payment dispute, you should receive notification from the credit reporting agency. Monitor the responses from all three agencies, since each one may report information differently. If the late payment information is found to be inaccurate, make sure that the agency states it corrected the discrepancy on the report. Read the dispute resolution letter to see what changes will be made. In the case of inaccurate late payments, the agency should state that it will change the report to current, on-time, or pays as agreed.

4

Obtain a new copy of your corrected credit reports from all three agencies. Make sure that the payment information is correct.