My parents were in the middle of a long, drawn-out divorce when I left for college.
My tuition got tied up in the legal battle.
Over the course of six months, I paid off the entire balance.
But even though the debt was paid off quickly, it still showed up on my credit report.
A few years later, I had a good credit score overall.
The tuition bill was the only negative line item.
What Is a Goodwill Deletion Letter?
A goodwill letter is a way to get accurate, negative line items removed from your credit report.
The creditor who reports the negative line item has the power to remove it.
So your goal is to write your creditor a letter that persuades them to do just that.
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Inaccurate information can be disputed and then removed, which is an entirelydifferent process.
How to Write a Successful Goodwill Letter
Most of the time, goodwill letters are not successful.
Here are the steps I took to draft a successful goodwill deletion letter.
Did you know?
Your creditor likely only knows you as a number.
The first thing you should address in your letter are the specifics of your situation.
If you have similar circumstances, be sure to highlight them.
Explain your situation.
Goodwill letters are most successful when you went through an extraordinary circumstance and explain it.
Express regret.
At this point in your goodwill letter, youre going to want to express regret for your late payments.
You had every intention of paying on time before that extraordinary circumstance popped up.
Anything you’re able to do to demonstrate financial responsibility helps.
Explain why you want the item removed.
Next, give a reason for wanting this line item removed.
Provide supporting documentation.
If you have any documents supporting the claims in your letters, include them.
How Will I Know if Im Successful?
Your creditor may or may not notify you in the same way.
I followed up when I did my annual credit report check the next year.
Sure enough, the late payment was removed from my report.
What if My Goodwill Letter Is Rejected?
Your creditor is not obligated to remove accurate, negative line items from your credit report.
Youre asking them to do it out of the kindness of their heart.
Even after carefully composing my letter and making a good case, in the end I was lucky.
Most goodwill letters are rejected.
Goodwill Deletion Letter Template
This goodwill deletion letter template is designed to be adaptable to various circumstances.
Specifically, I am seeking the removal of a negative entry on my credit report related to this account.
These circumstances were unexpected and significantly impacted my financial situation, leading to the unfortunate oversight on my account.
The removal of this mark would greatly assist in improving my financial standing and achieving my objectives.
to provide context and substantiate my situation during the period in question.
Thank you very much for considering my request.
I appreciate your time and understanding and look forward to any possibility of resolving this matter favorably.
Its particularly useful for those looking to clean up their credit reports for future financial opportunities.
Its a request for leniency based on past circumstances and does not reflect current financial behavior or obligations.
If a creditor agrees to your request, they will refresh your information with the credit bureaus.
The success of these requests largely depends on your relationship with the creditor and your history of payments.
This method ensures a tangible record of your communication and can sometimes be taken more seriously by creditors.
Always send it via certified mail so you could confirm receipt.
Creditors receive many requests, and a personalized letter that tells your specific story will be more impactful.
Brynne Conroy is a contributor to The Penny Hoarder.
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