Goodwill letters help remove 30-day late payments
Sometimes life happens and we forget to pay our credit card bills. This can result in a late payment appearing on your credit report and dropping your score over 110 points. A goodwill letter is a great strategy for a courtesy adjustment on your credit report. If your credit record is spotless except for a one-time slip up, a goodwill letter to your creditor can remove a 30-day late payment. A goodwill letter is an appeal to a bank, lender, or another creditor to delete a late payment or missed debt instalment – an action known as a goodwill adjustment.
Is a Goodwill letter a viable option for you?
The creditor is not obligated to comply with or even consider your proposal. You are completely at the mercy of your card issuer. Goodwill letters are likely not an option for a messy credit history. But a goodwill letter will rapidly recover credit scores for conscientious borrowers who missed a payment due to some medical, financial emergency, or an honest error. (Missing a payout can drop your score by as much as 110 points under FICO’s credit reporting model.
How to write a Goodwill letter?
Your chances of success often rely on your ability to develop a persuasive argument. A little perseverance also helps. The creditor can be slow to respond or may completely neglect you outright. There are, however, success stories that show that effort and time can be worth a goodwill note.
You can write a goodwill letter by following these simple steps-
- Always write the letter keeping in mind how a reader of the letter would feel. So, the best thing is to keep it simple, formal, and respectful rather than writing in an upset tone.
- While writing, always be truthful by accepting or owning the mistake rather than making excuses or making it emotional.
- Always keep the letter short and crisp and get to the point rather than making long winded stories.
- Never copy content from the internet as experts who will read letters have much experience of catching up forged stories, rather always keep the content original
- There are few points (mentioned below) which should always be part of your goodwill letter-
- Your name, address, and account number
- Name and address of the creditor
- Negative remark to be removed and corresponding details
- Information to represent the mistake happened due to certain circumstances and not as part of habitual behavior
- Credit bureaus from where negative remarks need to be removed
- You should make sincere apologies for the mistake
- A specific call to action
When is it a smart idea to write a goodwill letter?
Goodwill letters can help you clear your credit report of an atypical error or missed payment.
Here are some special cases where a creditor will give a break:
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.