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If you’ve ever missed a payment on your credit card or loan, you know the sinking feeling that follows. It’s an easy mistake but can have serious consequences, including late fees and higher interest rates. Payments made more than 30 days late can also drop your credit score.
If you’ve missed only one or two payments, you might consider writing a goodwill letter.
While it won’t get you a refund on late fees or better terms from your lender, a well-crafted letter might convince your creditor to remove that negative mark, helping to clean up your credit history and improve your score.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report.
In the letter, you typically:
After reviewing your request, the lender may decide to make the requested changes to your account as a gesture of goodwill. However, if you’re going to send a goodwill letter, keep your expectations low because a letter often won’t make a difference.
Lenders are not obligated to honor your request or even respond to your letter. In fact, many larger lenders and credit card issuers state that they do not accept goodwill letters, as they are legally and contractually obligated to provide accurate reporting of account activity, including late payments. Still, some people report success trying this method.
Researching the creditor’s policies regarding late payments and goodwill adjustments may provide insight into the likelihood of success. If there is no clearly stated policy denying goodwill letters, sending one out may be worth the effort.
While there are no guarantees, a well-written goodwill letter may persuade a creditor to ask the credit bureau to remove the negative mark from your credit report. If the bureau agrees, the update could help prevent future credit difficulties.
Bankrate insightA goodwill letter is not a credit dispute. A goodwill letter is to creditors to ask for leniency on a derogatory mark that is accurate. A dispute is asking a credit bureau to verify the accuracy of something on your credit report.
Consider writing a goodwill letter when you’ve had a late payment or other negative item reported on your credit report due to circumstances beyond your control. Suitable situations might include a temporary financial hardship, medical emergency or personal crisis.
If you’re going to try asking for forgiveness, ensure that the late payment or issue was a one-time occurrence and not a recurring problem. Also, only proceed with a goodwill letter if you plan to maintain good financial habits going forward.
You may have a better chance of success when you can explain why your situation deserves understanding.
Many lenders offer financial hardship programs that can help through difficult times. Most lenders prefer that you leverage these programs as soon as you start having financial difficulties, rather than missing payments and asking for forgiveness later.
Ultimately, if the lender sees that the late payment is part of a pattern of irresponsible financial behavior rather than an isolated incident, they’ll likely deny your request.
Note that late payments aren’t reported to credit bureaus until they are 30 days or more late. You don’t need to write a letter if you miss a payment and correct your error quickly. You can simply pay any applicable late fees and make sure to pay on time in the future.
A goodwill letter should be written formally, showing your lender that you take your late payment seriously. It shows respect for the process and a willingness to act professionally, which can work in your favor. You’ll also want to personalize your message, making sure to be both sincere and polite.
When crafting your letter, consider the following points:
Before sending your letter, carefully review it for clarity, accuracy and professionalism. Make any necessary revisions to ensure your message is clear and persuasive.
Here is an example template for a possible letter.
