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NightStar
Joined: 10 Mar 2010
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Posts: 143
Location: Illinois
3061 Magic Points
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Subject: Fixing a late reporting (Goodwill letters)
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Wed Mar 10, 2010 10:35 pm
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When you are late on a credit card account there are a few things you can do to fix the problem.
1. First try to call the credit card company and ask for them to forgive the late, you need to pay any late payments, late fees, and any over the limit amount immediately. Sometimes the creditor will waive a late reporting on your credit report.
2. If they are not willing, then ask an account manager if you can re-age the account. This is the same thing, but it is an official inside term, for them to set up a trial period, and if after that period you have not been late again, then they may contact the credit reporting agency to remove the late.
* This is not something you want to do if you are out side of the Statute of Limitations, that means the debt is time barred and you do not legally own on the debt. You don't have to pay the debt.
3. If they are unwilling to remove the late, you want to go to the credit card web site, see if you can find contact information for a president or CEO of the company and write a request directly to them. Sometimes if you get a higher up person involved they may take a personal interest to help the consumer.
* If you don't succeed the first time, look for a different person to write to. Another direction for looking up executive officers is using www.planetfeedback.com You can submit letters though this site, or just look up the address and send the letter yourself.
* There should also be an address on your statement with a dispute address - you can try to also send letters this direction.
4. Don't give up - sometimes you have to write more than one letter before seeing results.
5. If all else fails, you may just dispute directly with the Credit Reporting Agencies, in your dispute tell them you do not agree with the late, and you would like the late removed. It might get deleted that way.
When writing a Good Will Letter be sure to cover these points:
A. Let the creditor know that you are sorry for the late, be sure to explain what happened, like if it was loss of employment, illness, and so forth.
B. Pay the late amount immediately, and point out in the letter that you were quick to remedy the problem.
C. Point out your past good payment history and how long you have been a member of their company.
D. Tell them that you are currently applying for a major loan, and that the negative listing is hurting your chances at the best possible interest rate, and/or approval to obtain the account.
E. Ask if they can please reconsider the late, and remove it from the account listing on your credit report.
F. Ask if they can send you a response in writing if they see it in their way to agree and remove the negative data. (This way if they fail to update the credit reporting agencies - you can just forward a copy of the letter to the credit reporting agencies yourself).
G. Be sure to thank them for their time looking into the matter, and let them know that you look forward to future business with them.
Send the letter certified mail, return receipt requested. This way you get a green card back confirming their receipt of the letter. Give them 30 days to respond before taking other action.
Persistence is the key, a late can remain on the credit report for 7 years, if the account is still open after 7 years it reverts back to positive. New lenders viewing the credit report like for mortgage loans tend to over look a late if it is older than 2 years.
A late can affect 35% of the over all credit score, resulting in at least a 20 point decrease. So as you remove the late the score will rebound.
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
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Thu Mar 11, 2010 11:32 am
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[quote]2. If they are not willing, then ask an account manager if you can re-age the account. This is the same thing, but it is an official inside term, for them to set up a trial period, and if after that period you have not been late again, then they may contact the credit reporting agency to remove the late.[/url]
they cannot re-age any account. this is illegal. they can make the account report accurately or delete it
Good Will letters are mostly BS in my humble opinion.
Generally what is happening when you write a good will letter is that the institution realizes that they have no records to support reporting the payment as late and so they have to delete it (under 623) and they tell you it is "good will"
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NightStar
Joined: 10 Mar 2010
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Posts: 143
Location: Illinois
3061 Magic Points
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Thu Mar 11, 2010 2:50 pm
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I don't think sending letters is a bad deal, I have been around and seen people come back saying that they accomplished a good many things. I really don't think that it hurts to try in any case.
And with the new credit card laws, the government now states if a consumers is in fact late resulting in an increased interest rates, then the creditor now is automatically obligated to reduce the rate back down to the original rate 6 months later. So the re-aging is a none issue. Sorry forgot to update that part.
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NightStar
Joined: 10 Mar 2010
NightStar's page
Posts: 143
Location: Illinois
3061 Magic Points
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Thu Mar 11, 2010 3:07 pm
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I can say that goodwill does work, from personal experience.
I had a student loan that I owed, I just went on disability.
With a letter from my grandmother & my doctor the student loan company took mercy on me and totally discharge my student loan.
I am currently back in school, I can't obtain any more student loans, but the school did set me up with a Pel Grant.
They didn't remove it, but they did update that it was closed with zero balance.
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Fatma
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Subject: how do i wite to my boss that i will be reportung late to wo
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Mon Oct 11, 2010 7:45 am
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| show me how i csn write |
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
6339 Magic Points
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