Adding a Note to Your Credit Report

Most people have fall behind on their payments at one time or another. Sometimes it’s a mistake - an oversight - because our lives get busy and we just forget. Other times, life gets tough and we struggle to make ends meet.

When you’re late on a bill, your creditor might report that to the credit bureaus. Your credit report will reflect late payments of 30 days, 60 days, 90 days, and more. It reflects negatively on your report and it also hurts your credit score. Bad credit and low credit scores can result in denials of credit applications or higher interest rates.

Sometimes, however, there are legitimate reasons why you didn’t pay a bill. For example, what if a contractor refused to finish a job you hired him for… or did a poor job. You may have tried to work out the situation and deal with the matter, but could not remedy the situation. Then you refused payment. Most people aren’t going to pay for an unfinished job or poor work. But now the non-payment is on your credit report and that may count against you.

If there’s an unusual circumstance surrounding a late or missed payment that is reflecting on your credit report that may affect your credit rating - such as a case of identity theft or a scenario similar to what I’ve described above - you can request that a note be attached to your credit report to explain the problem.

Some lenders that view your credit report will pay attention to the note you’ve provided and others will not, but it’s a better solution than simply doing nothing at all. Adding a note will not affect your credit score but it will affect your credit report. What is most important is that it leaves a paper trail of the issue surrounding the negative reporting that lenders can look at if they choose.

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