A goodwill letter, or as it is sometimes called, a “goodwill adjustment letter,” is a good and simple solution that you can use to make an official and sincere request to your creditor to remove a negative credit listing. your credit report to fix bad credit.
This type of letter differs from a letter to dispute late payments or to dispute billing errors. Also, a goodwill letter serves an entirely different purpose than a credit dispute letter.
A goodwill letter allows you to accept blame for late payments on credit cards, while appealing to the creditor for financial leniency.
When sending a goodwill letter, your goal is to touch on important points such as:
- Let them know you are sorry for the late payment and stay away from threatening and confrontational language. You missed the payment. they didn’t
- Tell them how much you appreciate their past business and how you hope to continue to be a long-term customer in the future.
- Briefly explain the details of what happened that caused the late payment: Mention your job loss, personal illness, moving to a new state, and no bank account, you usually pay online, but internet access was down that day due to Freezing weather, local tornado, or flooding will cut off roads to the post office. Don’t make it up. Just state the facts.
- Reference the positive steps you have taken now to prevent a late payment from happening again in the future. They will want to know that this is a one-time request. They don’t want this to be a regular occurrence.
- Highlight the fact that you are now current on all your bills, and point out that you caught up on the late payment right away, even if doing so was a real financial hardship.
- Asking for help tactfully. Suggest that your late payment NOT be reported to the credit reporting agencies as a goodwill gesture on your part, since you have been a good customer over the years. Ask them to put themselves in your shoes.
- Be direct with your request to have late fees waived by removing them from your credit report. Negative credit will do little to improve credit scores. Eliminate late payments and your credit score will go up.
Keep in mind that companies are in business to keep their customers satisfied. If they can help you, they should. If you’ve been a good customer and you’re only requesting a one-time goodwill adjustment, most business managers will react favorably because it’s in their best interest to help you keep your credit in good standing.
In short, learning how to write a goodwill adjustment letter could be your best bet for removing a negative listing from your credit report and forging a strong bond with your creditor in the future.