Negative Impact on credit score

Long story short, we failed to make a state payment last year and noticed back on February that our credit score was affected. We paid the entire balance in February and it's showing paid off but our score hadn't gone up. We just received the letter from the state saying the dispute has been corrected and paid off. How long does it take for this to clear from our score. We're in the process of financing a car and we're on hold until this is resolve since our payment will be higher due to our low score. How can we expedite the process andvget our score to where it use to be.

Re: Negative Impact on credit score

Reach out to the credit reporting agencies (TransUnion, Equifax, Experian) in writing and dispute the charge on your report - every 30 days -until it's corrected. Unless the creditor provides proof that it's correct, the credit reporting agency is obligated to take it off the report. The dispute, however, must be closed before a loan can be finalized. Provide a copy of the communications from the state with your correspondence.

Re: Negative Impact on credit score

It takes 7 years to completely get rid of a late payment on a credit card or loan. I think after 3 years, the impact of a late payment drops a lot.

Negative Impact on credit score

Isn't it possible to ask the creditor to remove the negative mark from your credit report?

Negative Impact on credit score

Just because you paid the account doesnt mean the negative remark will be removed. I had a similar situation a month or so ago. One of my student loans reported late even though I'm deferred and I called the bank and they said they would remove the remark if I disputed it with the credit agencies. I had to do the dispute directly through equifax and transunion. It took about 3 weeks start to finish.

Re: Negative Impact on credit score

You paid late, so it will affect your score.