Credit card disputes

Dear Dr. Don,
I would like to know who reports a late payment on a credit report. How do I go about getting one taken off? -- LuAnn Not Late

Dear LuAnn,
Your lenders report late payments on your credit report. You can dispute a late payment, and if you win the dispute the late payment will be removed from your credit report.

The Fair Credit Reporting Act also requires the consumer reporting agency (CRA) to notify the other CRAs of the change to your credit report. Bankrate will guide you through the dispute process. Otherwise, the late payment history stays on your credit report for seven years.

If you file a dispute and lose, yet disagree with the consumer-reporting agency's findings, you have the right to insert a statement in your credit report. The statement should be brief, 100 words or less, giving your side of the story.

The statement or a summary of the statement has to be included every time the credit report is sent out. The shorter your statement, the more likely it is that the CRA uses your words rather than creating its own summary of your side of the story.

The CRAs have only 30 days to rule on a dispute before they have to remove the disputed item from your credit report. They can however request a 15-day extension if necessary to complete their review.

Once the disputed item is off your credit report, the CRA will have to notify you if the creditor resubmits it. The Fair Credit Reporting Act lists all the responsibilities of the CRAs in resolving any disputes on your credit report, including what constitutes a frivolous dispute.