Adding A Consumer Statement?

What can be done to mitigate accurate but negatvie information on my credit report?  Will a letter of explanation of extenuating circumstances help?  Should I send such a letter to the creditor or to the credit bureaus?  Is there anything else I can do about such information?

Matt

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Hello Matt,

The FCRA provides that a “consumer has the right to add a statement to the consumer’s file”.  Theoretically, a potential creditor reviewing your report would read the statement you’ve added to your credit report and take your comments into consideration.  From a practical standpoint this does not happen.  Lending decisions are automated and a manual underwrite will permit you to include a separate letter of explanation along with your loan application.  I advise against adding any statements to your credit report.

Is there anything else you can do?  Yes, you can write a goodwill letter to the creditor.  You can pay for delete on collections.  You can counter bad credit with good credit.  There are approximately 700 articles on these subjects here on the broken Credit Blog.  Welcome to the site!

Thanks for the questions and hope this helps.

Paul