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Obviously it is important to stay on top of your credit and work out anything in the past that may have effected your credit in a bad way. As I was going through my credit report I realized I had late charges from the past and knew I needed it to be taken care of but I couldn’t dispute it because, well it was my fault. So I sent a “Goodwill Letter” (Pause)
What’s a Goodwill letter?
Accroding to NerdWallet:
“In a goodwill letter, you ask the creditor that reported your late payments to remove the black mark from your credit report. Maybe you had an unexpected change of circumstances or financial hardship. Whatever the situation, your goal is to explain why you missed your payments and why the creditor should wipe them from the report. (Note: If your credit report incorrectly says that you missed a payment, you should follow the procedures to dispute an error instead of sending a goodwill letter).”
(Ok back to me) So I sent a Goodwill letter to my credit card company asking very nicely for 3 late payments to be taken off my credit report because at 21 I was swipe happy but my bank account was sad. Any who, the letter I sent was less than a page long, explaining myself and my situation at the time (again I stress I was very nice and apologetic).
Twoscents.LifeHacker.com has two sample Goodwill letters (see below)
“Goodwill Letter template for student loans:
To Whom It May Concern,
Thank you for taking the time out of your day to read this letter. I just pulled my credit report, and discovered that a late payment was reported on [date] for my account [loan account number].
During that time, my mother fell terminally ill, and I was the only one left to care for her. As such, I had to leave my job, and my savings went toward her healthcare expenses. I fell on very rough times after she passed away, and was unable to make my student loan payments.
I realize I made a mistake in falling behind, but up until that point, my payment history with you had been spotless. When I was able to gain employment once again, I quickly resumed paying my student loans, making them a priority.
I’m not proud of this black mark on my record, but it’s the only one I have, and I would be extremely grateful if you could honor this request to remove the lateness from my credit report. It would help me immensely in securing other lines of credit so that I can further improve my credit score.
If the lateness cannot be removed entirely, I would still be appreciative if you could make a goodwill adjustment.
Thank You.
____________________________________________________________________________________________________________________________________
If you’re writing a letter because the lateness on your credit report is inaccurate, then try this letter:
To Whom It May Concern,
Thank you for taking the time to read this letter. I recently pulled my credit report and found that [Loan servicer] reported a late payment regarding my account [loan account number].
I am requesting that this late payment be assessed for accuracy.
I believe this reporting is incorrect because [list the supporting facts you have]. I have included the documentation to prove that I made payments during this time / that my loans were in forbearance/deferment and didn’t require any payments.
Please investigate this matter, and if it is found to be inaccurate, remove the lateness from my credit report.
Thank You.
Make sure you delete the scenarios that don’t apply to you; you want to provide as many personal details as possible. You should also include your name, address, and phone number at the top of the letter, in case your loan servicer needs to reach you immediately.”
(Back to me again) I sent it, then in about 2 weeks I got this in the mail (View Below). Afterwards, I checked my credit report AND what do you know being nice and owning up to my mistakes worked.
Today, at 26 I’m grateful to know so much more (still learning) and have applied great tools to help me stay on top of my finances and credit. Soooo please people do not just let the bills pile up OR blame others for your financial issues OR not stay on top of you credit …. PLEASE know there are resources out there to help. And if you have not, see if you can use a goodwill letter to remove any late payments or late payment errors from your credit report.
Cheers to LIVING ON PURPOSE!
