How do you explain late payments?

When you are late on your payment for a credit card, car loan, mortgage, etc... these "creditors" can report this late payment to the credit bureau that they have a relationship with (either Trans Union, Experian, or Equifax).

These credit bureaus in turn stick it on your credit report which negatively affects your credit score.

There are

• 30 day late payment items,
• 60 day late payment items,
• and 90 day late payment items.

Many people remove these items by disputing them with the credit bureau (the credit bureau then has 30 days to go back to the creditor to verify the late payment). Sometimes it works and sometimes it doesn't.