Your credit report is all good, but you found out you missed one payment or you have a late payment. Well, it doesn’t look good anymore since it affects your credit scores. But what can you do about it? The best solution you can try is to write a goodwill letter to your creditor to have the chance to remove that negative mark in your credit report.
If you are not familiar with it, here are the important things you should know about a goodwill letter and how you can write one if ever you need it.
What is a Goodwill Letter?
A goodwill letter is a useful tool you can use to send a request to your bank or creditor if you want to remove any marks of missed payments and other mistakes in your credit report. This method is also known as goodwill adjustment.
Utilizing goodwill adjustment doesn’t mean the creditor is obliged to consider or grant your request but you are at their mercy. Sending a goodwill letter is not a good idea if your credit history is all messy and you are just looking for a way to boost your credit score.
When Can You Send A Goodwill Letter?
Missed payment due to emergency or financial hardship
Unexpected circumstances are beyond our control. When you encounter an emergency, like for example you or a family member were brought to a hospital; you face a tragic calamity where your house gets flooded or destroyed by a typhoon, or you lose a job, you will experience some difficulties in managing your finances, especially if you don’t have a back-up solution for it.
If one of these is similar to your case, you should state it clearly in your letter with proof of evidence to show the reason why you couldn’t settle your next payment.
Payment transmission failure
Most payments nowadays are made online since it is more fast and secure. However, technical glitches sometimes occur. Bank servers are suddenly down or there’s a problem with your internet connection that prevents the payment process from pushing through.
These reasons are understandable since technology often fails, and we can’t do anything about it but wait until it works properly again.
This can happen when you move to a new home and you fail to update the bank or the creditor on your new address. Since you won’t be able to receive your billing, you might forget your payment deadline.
Tips on How to Write and Submit a Goodwill Letter
Keep It Short
Include Proof or Supporting Evidence/s to Your Case
It’s not enough to just tell your story or situation in the letter, it’s also important to back it up with necessary evidence to support your case. If you claim to use your money to pay for hospital bills, you can provide a copy of it attached to your letter. In this way, they can understand that it’s not your fault why you fail to pay in the first place.
Send It to The Right Person or Department
Credit experts advise you to send the goodwill letter to the customer service department of the bank or the manager of your local bank’s branch and not directly to the billing and finance department so that it can be processed and attended accordingly.
Make a Follow-up
It’s normal to not get a response days after you send your goodwill letter. It’s possible that it was overlooked or piled-up with other pending requests. If you fail to receive any response from your creditor within 30 days or more, it’s better to ask for a follow-up via phone call or email.
Are you ready to take action?
Goodwill Letter Services
We can help you write goodwill letters to remove negative information from your credit reports. Our credit repair agent will analyze your case and write the best goodwill letter for you with negligible rejection chances. People write goodwill letters but are unable to remove negative information from their credit reports. It is always advisable to get guidance from specialists. We have helped many clients write goodwill letters to remove negative information from their credit reports. Follow three simple steps- Pick-up phone, call at (949) 258-7026 and get free 15 minutes consultation with a credit repair agent to initiate the process.
Latest From Our Blog
How to Fix Your Credit Report if You Are a Victim of Identity Theft
Most Americans have encountered problems with identity theft. Even if you are too careful about your privacy, there are still chances your information can get
How to Remove Collection Account From Credit Report
Collection accounts are the most common reason for having a bad credit score. Whether it’s paid or unpaid, if you have it on your credit
How You Can Remove Late Payments Incurred During COVID-19 Pandemic
Since the world lockdown, jobs and businesses have closed one by one. Thus, people started to struggle with their finances. Many people started to incur