{"id":358902,"date":"2020-10-15T10:19:57","date_gmt":"2020-10-15T16:19:57","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=358902"},"modified":"2022-01-20T19:40:46","modified_gmt":"2022-01-21T02:40:46","slug":"goodwill-letter","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/credit-repair\/goodwill-letter\/","title":{"rendered":"Goodwill Letter: How It Can Help Your Credit"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Disclosure regarding our editorial content.<\/a><\/p>\n\n\n\n

Payment history is the biggest factor in determining your credit score\u2014even one late payment<\/a> can drive your score down. If you are late making a payment, but have an overall good payment history with a lender, you might be able to convince them to not report it to the credit bureaus (and keep it off your credit report). <\/p>\n\n\n\n

One way you can request assistance is by sending your lender a goodwill letter.<\/p>\n\n\n\n

What Is a Goodwill Letter?<\/h2>\n\n\n\n

A goodwill letter is a written communication that asks your lender to not report your late payment to the credit bureaus, or to remove their reporting of a late payment, so it doesn’t impact your credit history<\/a>. You might also ask for other considerations, such as courtesy removal of a late payment fee. <\/p>\n\n\n\n

Your lender is not obligated to honor your goodwill letter\u2014<\/strong>this is a request for a favor.<\/p>\n\n\n\n

When Should You Use a Goodwill Letter?<\/h2>\n\n\n\n

Goodwill letters are a good tactic when you actually have goodwill to trade on. Usually, that means that you’re a responsible account holder who has (up until now) paid on time. It helps if you have a long, positive history with your lender, which will help demonstrate your record as a good borrower.<\/p>\n\n\n\n

Do Goodwill Letters Work?<\/h2>\n\n\n\n

Goodwill letters can work.<\/strong> Remember that you’re a customer, and if you’re a responsible account holder, you’re valuable to the lender. They want to keep you, and lenders are often willing to overlook one late payment as a courtesy to keep account holders happy.<\/p>\n\n\n\n

Writing a Goodwill Letter: Dos and Don’ts<\/h2>\n\n\n\n

Even if you’re a valuable account holder, remember that the mistake is on you if you’re late with a payment. That means you need to write a tactful letter that follows a few best practices. These don’t guarantee that a lender will help you, but they may increase the chances.<\/p>\n\n\n\n

Do Use a Positive Tone<\/h3>\n\n\n\n

Be positive, especially about your relationship with the lender. Mention your positive payment history and that you enjoy doing business with them. This helps remind them that you’re a valuable customer without you stating that outright.<\/p>\n\n\n\n

Don’t Be Overly Emotional<\/h3>\n\n\n\n

Be honest about the circumstances that led to the late payment, but avoid getting emotional. For example, you might let the lender know that you missed a payment in part because you lost your job and it was a difficult few months as you worked to recover from that. But now you have a new job and are working to return to a positive payment history. It’s okay to let the lender know this, but avoid turning it into a sob story.<\/p>\n\n\n\n

Do Take Responsibility<\/h3>\n\n\n\n

Regardless of the reason you missed a payment or were late, acknowledge that you made the mistake. Apologize for the inconvenience, and let the lender know you will work to ensure it doesn’t happen again.<\/p>\n\n\n\n

Don’t Be Long-Winded<\/h3>\n\n\n\n

Be concise. Most goodwill letters are going to come in under a page typed. A short, to-the-point letter helps ensure someone reads the entire thing and reduces chances for miscommunication.<\/p>\n\n\n\n

Do Provide All Relevant Details<\/h3>\n\n\n\n

Include everything the lender needs to identify your account and the issue in question. That can include account numbers, dates and attachments such as past statements.<\/p>\n\n\n\n

Don’t Forget to Follow Up<\/h3>\n\n\n\n

A goodwill letter is not official, and your lender isn\u2019t obligated to respond. That means the burden is on you to follow-up with your request with a phone call to ask whether your letter was received and if the lender can help you.<\/p>\n\n\n\n

And remember that a goodwill letter is just one tool for improving your credit. If you have more than a late payment, you might want to explore other credit repair options<\/a>.<\/p>\n\n\n\n

Sample Goodwill Letter<\/h2>\n\n\n\n

Not sure how to go about writing a goodwill letter? Use the template below as a guide to get started. It includes all the elements that are generally important to include.<\/p>\n\n\n\n

(Date)<\/p>\n\n\n\n

Re: (Your account number)<\/p>\n\n\n\n

Creditor name and address<\/p>\n\n\n\n

To Whom It May Concern:<\/p>\n\n\n\n

My name is (your name), and I’ve been a customer of (creditor name) since (date your account was opened). During that time, I have (in a single sentence, describe your positive relationship or payment history).<\/p>\n\n\n\n

However, I experienced a temporary issue that caused me to miss a payment uncharacteristically. (Explain in a few sentences and no more than two short paragraphs why you missed the payment.)<\/p>\n\n\n\n

I apologize for this lapse in my normally timely payments and wish to ensure you that I am in a position to make future payments on time. I regret the temporary lapse but hope you will be understanding of the circumstances.<\/p>\n\n\n\n

I’m asking that you give me a second chance and help me protect my credit history. Specifically, I’m asking you to remove the late payment item from my credit report.<\/p>\n\n\n\n

Thank you for your time in considering this matter. Please let me know if you need further information.<\/p>\n\n\n\n

Sincerely,<\/p>\n\n\n\n

(Your name)<\/p>\n","protected":false},"excerpt":{"rendered":"

A little mistake can go a long way in driving down your credit score. Find out how a goodwill letter might help.<\/p>\n","protected":false},"author":53,"featured_media":358904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"yoast_head":"\nGoodwill Letter: How It Can Help Your Credit - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"A little mistake can go a long way in driving down your credit score. 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