How to Get Missed Payment Off Credit Report

A missed payment on a credit report can significantly influence a consumer’s financial standing. This negative mark indicates a failure to make a required payment by its due date, which creditors view as an increased risk. Such an entry can lower credit scores, potentially leading to higher interest rates, difficulty securing new credit, or impacting housing and insurance applications. This guide explains how to address and potentially remove missed payment entries from credit reports, covering both inaccurate and accurate reporting scenarios.

Accessing and Reviewing Your Credit Report

Understanding your credit report is the foundational step in addressing any missed payments. The Fair Credit Reporting Act (FCRA) grants individuals the right to obtain one free credit report every 12 months from each of the three major nationwide credit reporting agencies: Equifax, Experian, and TransUnion. AnnualCreditReport.com is the official source for these reports. To access your reports, you will need to provide personal identifying information, such as your full name, addresses, date of birth, and Social Security number, along with answers to security questions.

Once you have secured your credit reports, a thorough review is necessary to identify any reported missed payments. Navigate to the “Account History” or “Payment History” sections, where each credit account is listed with its payment status. For each missed payment entry, examine details such as the creditor’s name, account number, delinquency date, original amount, and reported status (e.g., 30, 60, or 90 days past due). Compare information across all three reports, as discrepancies can occur.

Look for inconsistencies in dates, amounts, or accounts you do not recognize. Identifying these specifics is important because subsequent steps depend on whether the missed payment is genuinely yours and accurately reported, or if it is an error.

Addressing Inaccurate Missed Payments

If your review reveals an inaccurate missed payment, dispute the information with both the credit reporting agency and the creditor. The Fair Credit Reporting Act (FCRA) outlines the process for consumers to challenge incorrect or incomplete information on their credit reports. You can initiate a dispute directly with each credit bureau online, by mail, or over the phone. When submitting a dispute, provide your personal identifying information, the account number, the specific item disputed, and the reason for the dispute.

Gathering supporting documentation helps substantiate your claim of inaccuracy. This evidence might include bank statements, canceled checks, payment confirmations, or correspondence with the creditor showing timely payments or agreements. Submitting this evidence strengthens your case and provides the credit bureau with verifiable information. The credit bureau is typically required to investigate the disputed item within 30 days of receiving your dispute, though this period can extend to 45 days if you provide additional information.

During the investigation, the credit bureau contacts the creditor to verify its accuracy. If the creditor cannot verify the information, or if it is incorrect, the credit bureau must remove or correct the entry. If the dispute is resolved in your favor, the inaccurate missed payment will be updated or deleted, which can positively impact your credit score. If the dispute is unsuccessful and the information is verified as accurate, you have the right to add a brief statement to your credit report explaining your side, though this does not remove the entry.

Strategies for Accurate Missed Payments

Even when a missed payment is accurately reported, consumers may explore options to mitigate its impact or request its removal. One strategy is a “goodwill deletion,” where you request the creditor remove a negative but accurate mark as a courtesy. This request is typically made in writing, often as a goodwill letter. In the letter, acknowledge the missed payment, explain the circumstances (e.g., temporary financial hardship, billing error), and highlight your otherwise strong payment history. The letter should be polite, concise, and professional, sent directly to the creditor’s customer service or credit reporting department.

While there is no guarantee a creditor will grant a goodwill deletion, they might consider it for customers with a history of timely payments who have since returned to good standing. The success of a goodwill request often depends on the creditor’s policies, the severity and recency of the missed payment, and your overall relationship with them. Ensure the account is current or fully paid off before making such a request, as this demonstrates your commitment to fulfilling obligations.

Another approach for an accurate missed payment, especially if there is an outstanding balance, is a “pay-for-delete” agreement. This involves offering to pay a portion or all of a past-due debt in exchange for the creditor agreeing to remove the negative entry from your credit report. This strategy carries risks, as creditors are not obligated to agree, and some may refuse to alter accurate reporting. If a creditor agrees, get the entire agreement in writing before making any payment.

This written agreement should clearly state that the negative reporting will be removed upon receipt of payment. Without a written agreement, a creditor might accept your payment but still leave the negative mark, as they are legally permitted to report accurate information. Once payment is made and the agreed-upon timeframe passes, check your credit reports to ensure the negative entry has been removed. If the creditor fails to uphold their agreement, the written documentation provides leverage for further action.