General

[Anonymous]

I cosigned for a loan for my son a couple of years ago.  His payments have been on time except for once this year in July.  Unfortunately I was out of town and did not know about the late payment until it was 30 days past due.  I have always had an excellent credit rating and I think this has lowered my FICO score (currently 706, down from upper 700).  I did call the loan company and they said that the info reported was accurate and are unwilling to remove it from my credit report.  I even volunteered to make a payment my self to be sure it would always be on time.  They said I could dispute it with the credit bureau.  My question is:  Will it do me any good to dispute it, since it is accurate and how much of an affect does it actually have on my score?  I am new to this forum and appreciate any info.  Thanks

[Anonymous]

we never eccommend removing accurate info but if the creditor said dispute it, it wont hurt to try. Keep in mind once that late hits the 2 year mark, it will have virtually no effect on your score. Unfortunately, the higher the score, the harder the hit.