THE NO JOB LIFESTYLEThe example scenario
Picture a fictional customer named Sam with an auto loan from a credit union. Sam has made 46 on time payments over four years. In March, Sam spent two weeks in hospital and the payment went 31 days late, which led to a late mark on his credit report. The account has been current since then. Sam is now preparing to apply for a mortgage and wants to ask the lender to adjust that month.
Each part below shows what Sam's letter would contain. Change the details to fit your facts. Never add an event that did not happen, since a lender can ask for documents.
Part by part
- Header: Sam's name and address, the date and the lender's customer relations address.
- Subject line: goodwill adjustment request, with the auto loan ending in 4471 and the late payment for March.
- Opening: Sam says he has been a member for six years and is writing about one late mark on an otherwise clean loan.
- Reason: Sam says a two week hospital stay meant the March payment was missed, and that he paid as soon as he got home.
- Responsibility: he says the payment was his duty, and he has set up autopay so it will not happen again.
- Track record: he points to 46 on time payments, including every payment since March.
- Request: he asks the lender to consider updating the March reporting as a one time courtesy, and says a mortgage application is coming up.
- Closing: he thanks the reader, gives a phone number and signs by hand.
Tone and length
Keep it to one page. A reader is more likely to act on a clear, friendly page than on a long complaint. Stay respectful and do not blame the lender if the slip was yours. Avoid legal threats, because a goodwill letter is a request, and threats undercut it. If you have a concern about the lender's conduct, or if you dispute that the mark is accurate, a dispute is the right tool to use instead.
Documents can help. A discharge summary with medical details covered, a job loss letter or a bank letter about an autopay failure can all add weight. Send copies, never originals.
After you send it
Send it by certified mail or through the lender's secure message system, and make a note of the date. Follow up after about 30 days if you hear nothing. A lender can say no, even to a letter as strong as Sam's. Some big banks use a form reply for every request, as they are firm on reporting only accurate data.
If the answer is yes, ask for the change in writing and check your reports over the following one or two months, since each lender sends updates on its own schedule. If the answer is no, thank them and carry on. A late mark usually weighs less as it ages and as on time payments pile up.
Questions people ask
Can you use the same letter for several lenders?
Use the same structure, but tailor each letter. Details like dates and the account relationship make the request sound real.
Should the letter be emailed or mailed?
Either can work. Mail creates a clean paper trail, while secure messages may reach the right desk faster at some lenders.
Should you mention your credit score?
There is no need. Mention the practical goal, such as a mortgage application, instead of asking about points.