Overview of Credit Report Letters

Credit report letters are often written for a variety of reasons. However, the main purpose usually is to argue a charge that has somehow counted against you on a credit report.

It also could be the result of an honest mistake made by a creditor. In the worse-case scenario it could be an indication of credit card fraud and/or identity theft.

Often a request is made to remove a negative item from a credit report. Usually this is done based on the confirmation that the charge was placed on your account to no fault of your own.

Negative items that are often removed as a result of sending credit report letters include both records of inquiries as well as requests to remove unpaid balances owed. The latter is often referred to as “debt forgiveness.”

Other credit report letters are written to request a reduction of debt. This one would usually be written between by a consumer and/or debt counselor and sent to a creditor.

Other credit report letters may be written by professionals. For instance, a notification of lawsuit letter may be sent to a credit reporting agency. Similar situations like this may be dealt with between a financial professional and/or a creditor.

Individual consumers who are already somewhat knowledgeable of various aspects of the credit industry may write and send these types of letters themselves. However, in most cases it is highly advised that people seek help when doing so.

Additional types of credit report letters include as follows:

Request to vacate a judgment-This is an act of attempting to have an approved lawsuit against you appealed. It is likened to a “VOID” stamp on a bill.

Notification of a credit reporting agency lawsuit-This is a letter you would send to a credit agency in the event you want to file a lawsuit against them. You may have decided to do this for a variety of reasons such as when you may have not received accurate information from the said institution.

Collection agency validation letter-This is a request to indeed confirm that a debt owed to a collection agency is for real. This is done to help assure you do not get stuck paying money you do not even owe.

Debt verification letter (to original lender)-This usually involves the learning of a certain debt and its amount. It is usually done in an effort to investigate a negative listing.

Mortgage restructure hardship letter-In the even of a financial hardship, oftentimes people are required to request help with refinancing. This is a letter that usually would be sent to a bank for this purpose.

Late mortgage and other late payment explanation letter-This is done in the event an extenuating circumstance other than negligence is the cause of late payments. This may be necessary if you are applying for loans and had a few late payments but are otherwise a very financially responsible person. This in fact may even be required by your lender as you explain your situation, under the condition the late payment does not happen again.