letter of explanation for derogatory credit

A letter of explanation for derogatory items on a credit report should explain the circumstances that caused any late payments and why future late payments will not occur, according to guston cho associates. writers should make the letter concise and only address the items the mortgage underwriter would like clarified. continue reading.

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A letter of explanation for derogatory items on a credit report should explain the circumstances that caused any late payments and why future late payments will not occur, according to Guston Cho Associates.

If you have derogatory marks or gaps on your credit report, you may be asked to submit a letter of explanation to your loan underwriter that describes, clearly and concisely, the circumstances that led to those negative entries.

Include: 1) the name of the creditor; 2) the date the derogatory item(s) was added to your credit report; and 3) the amount of money involved in the derogatory item(s). In Section 4 on page two and three, provide an explanation for each derogatory item(s) which appears on your credit report you have obtained.

Use this sample letter to explain late payments when applying for credit.. This letter will not help a desperate credit situation, but may make a difference in a marginal one.. The basic premise of this explanation letter is to address:

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How to Write a Letter of Explanation for Derogatory Credit The facts should be accurate -. The facts should be stated along with the consumer’s understanding. The creditor should not be blamed -. The creditor may not feel positively inclined. give supporting documentation -. Only copies of.

Derogatory Credit Events I need to supply letters of explanation for credit inquiries and derogatory credit. Can anyone give me some feedback on these on whether these are fine or places I can tweak them? Thank you! Credit Inquiries . To Whom It May Concern, I am writing this letter to explain the inquiries on my credit report.

A letter of explanation is a short document you would send to a recipient such as a lender. For instance, a lender may ask for a letter of explanation for derogatory credit.