Will 1-two yr old late car payment hurt my Fico score ?

[tmac01]

Will 1 late car payment 2 yrs ago on paid off car hurt my score? I have had 3 cars with Mitsubishi in the last 7 yrs. I have paid off two and I have a SUV now that is almost a year old. In those 7 yrs Experian shows that I had a late payment in Feb. of 2003, this is not true but its still there. Is this one late payment really hurting my Fico score ? Is it worth disputing again. I disputed it with EX. once and they just updated it in like 3 days. I was just wondering if I should mess with this TL. On the Experian report it has someones name I don't even know under the Responsibility line: It states "this other persons name." I will admit that it was my loan and I paid it off but never had any lates and I do not know who this mysterious person is under the Responsibilty line. I didn't have any co-signers just me. Any suggestions ?

[Revco]

To quickly answer your question, the late payment is factored into your score. Does it matter? Probably not a whole lot - but, it could factor into a percentage point on a loan.

For me, incorrectly reported information should be fixed on a matter of principle. We keep good credit for a reason and a mistake by a lender can inflence our financial future by thousands of dollars It takes a few minutes to write a letter which can make things right.

With this, your letters should be directed at the original creditor. The more I deal with the bureaus, the more I find that they regularly verify incorrect information. Write a letter to the OC, provide proof if it's available...it's pretty likely you'll get it fixed without much involvement.

[tmac01]

Thanks Revco I am sending a letter to Mitsubishi tomorrow. Did you write a pretty nice letter to them ?