Then introduce the specific account or incident. Use account numbers, dates or words similar to that in the underwriter’s request for explanation. For example, "I am writing to explain the late payment reported in Jan. 2014 for credit card account 123456," or "Below is an explanation for each of the name variations that appear on my credit report."
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People with an 850 basically have no reported history of missed payments, collections or derogatory. credit score, don’t.
Hello, I have been provided a "work sheet" of sorts from my LO that contains all of my derogatory information from my credit report. It provides 2 lines for "Explanation" and 1 line for "Outcome".
Make sure that your borrower’s credit explanation letter corresponds with the credit report. If there are five derogatory items, make certain that all five are addressed rather than just two or three. If a single incident caused several derogatory items, be sure that your borrower’s letter states that (i.e., job loss, divorce, etc.).
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For example, the explanation in section 4.1. derogatory credit EXPLANATION LETTER. This letter is intended to explain each derogatory item on my credit report.
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.
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Writing a Simple Letter Explaining Bad Credit (with Sample) Use this sample letter explaining bad credit as a template for your formal explanation letter. Last updated on January 18th, 2019