Consumers who have a late payment on their credit history often try to dispute the item with banks and credit bureaus. While the traditional dispute process exists for borrowers who find inaccurate items on their report, banks will typically not be willing to remove a late payment that actually occurred from a consumer's credit report, according to CreditCards.com.
Though a delinquency remains on a consumer's credit report for seven years, it shouldn't be perceived as a barrier to acquiring credit. Consumers can improve their bad credit history by abstaining from opening new and unnecessary lines of credit and working to bring their total balance and utilization ratios down, according to the news source. They also have the option of attaching a short, 100-word explanation of the delinquency to their credit report for potential lenders to see.
While a consumer works to improve his credit, his or her low credit score does not have to prevent the financing of important purchases. Consumer who need a bad credit car loan can fill out an auto loan application to obtain the means to purchase a new vehicle.