A letter of explanation for derogatory credit may help convince a creditor, employer or insurance company to favor the consumer’s new credit request. Use these sample letters of explanation for derogatory credit as templates for your formal letter.
A: 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.
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Letter of Explanation sample. Whereupon, I realized that the misunderstanding had been reported to the major credit bureaus. I immediately called Tyndall and spoke to the account specialist who then said that it was "too late" to fix, but apologized for her part in the misunderstanding.
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– Sample 1 – Letter of Explanation for Derogatory Credit Name of Consumer Address of Consumer City, State, zip code date Name of Lender Address of Lender City, State, Zip Code RE: Explanation for late payments on credit report Dear Name of Lender: This letter is in reference to my application for a loan of $10,000 to purchase a new car.
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. Each explanation is in response to the corresponding derogatory item(s) listed in Section 3. For example, the explanation in Section 4.1 will be in response to the derogatory item(s) of Section 3.1.
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