How to Write a Goodwill Letter to Remove a Late Payment – NerdWallet

late payments on a credit menu or other loanword can have a widespread fiscal affect beyond triggering late fees and higher rates. Payments made more than 30 days past due can ding your credit score, making it harder to qualify for future loans and get dependable concern rates. One potential solution : You may be able to remove late payments on your credit reports and start to improve your credit with a “ good will letter. ” A good will letter won ’ triiodothyronine constantly employment, but some consumers have reported success. It ‘s worth trying because these derogative marks on your credit can last seven years.

What’s a goodwill letter?

In a good will letter, you ask the creditor that reported your former payments to remove the derogative notice from your recognition reports. possibly you had an unexpected change of circumstances or fiscal adversity. Whatever the position, your goal is to explain why you missed your payments and why the creditor should wipe them from the report.

( note : If a credit report incorrectly says that you missed a payment when you did not, you should dispute the error rather of sending a good will letter. ) A strong good will letter asks the creditor to empathize with you. It ’ sulfur pleasant and courteous. It shows that you take province for your miss payments and demonstrates that you ’ ll stay current on your bills in the future. It helps if you can point to a specific circumstance ( for model, you lost your job but have since found a modern one ), or if you can show a holocene track criminal record of on-time payments. Keep it light and odoriferous. once you ’ ve written the letter, send it to your creditor using the address listed on its web site or on your credit reputation. You might have to contact the creditor multiple times or follow up with a call call. continuity may help persuade them.

Sample goodwill letter

here ’ s a template good will letter for lost payments on a credit tease : [ your name ] [ your cover ] Account Number : [ your account count ] [ date ] To Whom It May Concern :

Thank you for taking the time to read this letter. I ’ megabyte writing because I noticed that my most holocene citation report contains [ a late payment/payments ] reported on [ date/dates ] for my [ name of report ] score. I want you to know that I understand my fiscal obligations, and if it weren ’ metric ton for [ context that caused you to miss a requital ], I ’ d have an excellent repayment commemorate. I made a mistake in falling behind, but since then, [ description of how your circumstances have changed or how you ’ ve improved your money management ]. Since then, I ’ ve had a immaculate commemorate of on-time payments. I ’ meter planning to apply for [ a mortgage/auto loan/etc. ], and it ’ south semen to my attention that the miss payment on my record could hurt my ability to qualify. I rightfully believe that it doesn ’ thymine reflect my creditworthiness and committedness to repaying my debts. It would help me vastly if you could give me a second gamble and make a grace adjustment to remove the late [ payment/payments ] on [ date/dates ]. Thank you for your consideration, and I hope you ’ ll approve my request. Best, [ your name ]

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