Verified Collections Expert
Learn the pros & cons of a goodwill letter. Also, learn how to rebuild your credit if a goodwill letter doesn't work & how Credit Glory can help.
A goodwill letter is a letter to a creditor asking to remove a negative item. Pros for a goodwill letter include negative item removal, and raising your credit score. The downside? There are no guarantees they work. If they don't, & you have inaccurate items on your credit report, a dispute is a better choice (& Credit Glory can help).
What you need to know about goodwill letters
Goodwill letters are one way to try to fix negative info on your credit report. If you miss a payment (or have a similar negative item on your report) you can write a goodwill letter asking the creditor to remove it. The problem? Goodwill letters don't always work. Luckily, you may have other options for removal — & a credit repair expert (like Credit Glory) can help!
When is a goodwill letter the best choice for you (& when you should dispute)
Before writing a goodwill letter, be sure to consider the pros and the cons. What are the alternatives to a goodwill letter? If the cons outweigh the pros for your situation, (& the info is reported inaccurately) a dispute may be a better choice.
Sometimes though, there are no alternatives to a goodwill letter. If that's the case, focusing on the future and rebuilding credit is the smart move. If a goodwill letter won't work, a credit repair expert (like Credit Glory) makes it easier to dispute inaccurate info.
Writing Goodwill Letters — The Pros
Here are some benefits when opting for a goodwill letter:
- Removes accidental negative items - If your creditor accepts your goodwill letter, they may remove the negative item.
- A good one-time option - If you haven't ever used a goodwill letter with a creditor before, it's a good choice.
- Potentially raises your score - If your goodwill letter is accepted, when the negative item disappears, your score improves.
Writing Goodwill Letters — The Cons
Unfortunately, there are drawbacks to a goodwill letter:
- No guarantees - There are no guarantees a creditor will accept a goodwill letter. Leaving you with a severely damaged credit score.
- Not super easy to write - Writing a goodwill letter involves finding a template (that actually works) and then finding the right thing to say. This can be a lot trickier than it sounds.
When should you dispute over a goodwill letter?
There are two cases when you should dispute rather than write a goodwill letter. What are they? If negative items are reported inaccurately, a dispute always trumps a goodwill letter. The other is when you can't dispute the item you're writing the goodwill letter for, but you want to work on rebuilding your credit.
How do you dispute inaccurate negative items? There are several ways, but identifying (& disputing) negative info is a great place to start. What's the easiest way to do that? Work with a credit repair expert — like Credit Glory — with proven disputing tactics (& high ratings).
Skip the goodwill letter and dispute your inaccurate info with help from Credit Glory, today!
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!