THE NO JOB LIFESTYLEBefore sending it
Make sure a goodwill letter fits. It is for an accurate mark, normally one or two late payments on an otherwise good account. If the record is wrong, file a dispute instead. Bring the account current first, because a lender is unlikely to grant a courtesy on an account that is still behind.
Gather your details: the account number, the exact month of the late mark and the number of on time payments you have since made. Pull your reports at AnnualCreditReport.com and check that the mark appears as you think it does. Sometimes it appears only on one bureau, and you can mention that.
Finding where it should go
- Call customer service: ask where goodwill or credit reporting adjustment requests are handled.
- Check your credit report: the furnisher's listing often includes an address for the credit reporting department.
- Look for an executive office: many large banks list a corporate address on their site or annual report.
- Visit a branch: local banks and credit unions may accept your letter in person.
- Ask your servicer: for student and auto loans, the current servicer is the right starting point.
Avoid the payment lockbox address shown on bills. Mail sent there is usually opened by a processing center, and it may never reach a person.
Ways to send it
- Certified mail with return receipt: the best proof of delivery. It costs a few dollars at the post office.
- Secure message on the lender's site: often quick and easy to track, so save a screenshot.
- Fax: some departments still accept it. Keep your confirmation page.
- Email: useful only if an officer or department gives you an address directly.
- In person: hand it to a branch manager, and ask for a contact name.
Timing and follow up
The best time is after you have a run of on time payments since the slip, for example six months or more. If you need to act sooner because of a mortgage or job application, say so, and mention the date. Allow about 30 days for a reply, then make one polite follow up by phone or message. Some people send a second request a few months later, adding their new on time payments to it.
Keep a simple log with dates, who you spoke to and what they said. Lenders can say no, and many large issuers have strict rules against changing accurate data. If the answer is no, a respectful note of thanks costs nothing, and you can still try again down the road.
When you get a yes
Ask for the agreement in writing. Then check your reports after one or two reporting cycles, at each bureau the lender reports to. If the mark is still there after the lender agreed to change it, send a copy of its letter to the bureau through a dispute. Keep that paperwork for a few years in case the mark ever comes back.
Questions people ask
Should the letter be typed?
Typed is easiest to read, but a neat handwritten note can feel personal at a local lender. What matters is that it is clear and signed.
Can someone else send it for you?
You can use a helper, but the lender will often need your authorization to discuss the account. Sending it yourself is usually simplest.
How many times should you send it?
One or two tries spaced a few months apart is reasonable. Repeated letters rarely change a firm policy.