How do I remove late payments from my credit report?

• Late or missed payments

If you’re only a day or two late, a late payment won’t show up on your credit report, but once a month passes, it’s likely to impact your credit.

• Derogatory marks

A derogatory mark on your credit report shows that you failed to pay a loan in some way. You might get one because of late payment, bankruptcy, lawsuit, or an account going to collections. These marks stay on your credit report for a long time – usually from 7 to 10 years.

• Opening or applying for multiple new lines of credit

Every time you apply for new credit, you generate a “hard” inquiry, which will ding your credit score temporarily. Doing this multiple times in a short period will show up on your credit report as well as lowering your credit score.

• Mistakes on your credit report

Sometimes your credit report may contain errors. Make sure to review your credit reports carefully, because credit report inaccuracies are a common issue.

If you do find an error on one of your credit reports, you will need to submit a dispute to the credit bureau and lender. It won’t cost you anything to have your dispute investigated.

• Signs of fraud or identity theft

If you see large unfamiliar purchases, new accounts, or anything else suspicious,  

someone might be impersonating you and using your credit. If someone has stolen your identity, this can negatively impact your credit, and you should make a fraud alert to one of the credit bureaus as soon as possible.