Will a Goodwill Letter Prevent Derogatory Marks on Your Credit Report?

How to Remove Derogatory Marks to Keep a Good Credit Score In Ohio

Suppose you finally looked up your free credit report after some time and notice some dings in your credit of which you weren’t aware. If you were to look at an annual credit report, you would immediately catch these derogatory marks. But if it’s been some time, a late fee or missed payment could really affect your credit score negatively.

There are ways that you can eliminate small negative marks from your credit report. If you have a good history with the creditor, it may take something as simple as a goodwill letter to ask them to remove the ding to your credit.

What is a Goodwill Letter?

A goodwill letter is not the same as a dispute letter. It is not an official refutal of an error on your report. A goodwill letter is addressed to the creditor. It is a formal letter that politely asks to have a missed payment or late payment removed from your credit report.

The creditor does not have an obligation to write back or even take action on the request in your letter. If you have a good history with the creditor, be sure to detail that history in the letter. Sometimes the request is granted based on the fair effort from the writer and their proof of improvement.

How to Write a Goodwill Letter

The letter should be like any formal letter that you write for business. Some items to include are:

Your credit report account number
Date and a brief explanation of the incident
Detailed history with the creditor
Proof to show your overall good credit behavior with the creditor
An apology
A specific request (to remove the derogatory mark on your credit report)

Your letter should be filled with facts, but also show a sensitive side by stating your apology and intent to be better in the future. This letter should show how important it is to stay on top of your payments and make them on time. When the creditor sees that you have your priorities straight, they may choose to grant your request.

Will a Goodwill Letter Prove to Be Successful in Removing Derogatory Marks?

The creditor has no obligation to grant your request. All the letter can do is show your effort and how much you are willing to repair your credit. By taking the time to write a letter, you indicate that your financial responsibility is a priority in your life. It shows that you are willing to make necessary efforts to right your past wrongs. Whether this is successful or not lies in the hands of the creditor.

Contact Experienced Credit Repair Lawyers In Columbus

While a goodwill letter may help your credit score in some cases, there are other items you can look for on your credit report that may need repairing. Mistakes on a credit report are common and can significantly affect your credit score. Our team has expertise in credit repair, working to eliminate errors on your account. Contact us for a free analysis of your credit report.