letter of explanation for derogatory items on credit report
LOE draft for derogatory items – myFICO Forums – 2053173 – This letter is to provide an explanation for all derogatory items on our credit report. We had very poor financial organizational skills back then and didn’t understand the importance of making on time payments.
Write an explanation. Often, bad credit results from loss of employment, illness or other unexpected events. fortunately, credit bureaus allow consumers to include a written explanation on their credit report. This gives you the opportunity to explain the reasons behind a derogatory item.
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The credit reporting law – the Fair Credit Reporting Act – defines how long a derogatory item can stay on your credit report. The credit bureaus are only allowed to report these items for that time limit and then the items can no longer be included on your credit report.
In Section 4 on page two and three, provide an explanation for each derogatory item(s) which appears on your credit report you have obtained. Each explanation is in response to the corresponding derogatory item(s) listed in Section 3. For example, the explanation in Section 4.1 will be in response to the derogatory item(s) of Section 3.1.
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2) the date the derogatory item(s) was added to your credit report; and 3) the amount of money involved in the derogatory item(s). In Section 4 on page two and three, provide an explanation for each derogatory item(s) which appears on your credit report you have obtained.
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I understand your concern for the Derogatory Credit Letter of Explanation. What I can tell you, everyone who has any derogatory credit items will complete this document for underwriting and it is part of the process to get your loan approved.
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