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Letter of Explanation

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Anonymous
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Letter of Explanation

My loan officer is asking for a letter of explanation for any derogatory mark on my credit report for the past 7 years. Is this normal? I thought it was usually just the last 2-3 years? I can't remember what I did last week much less why I might have missed a payment here or there 7 years ago Smiley LOL

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Letter of Explanation

They can ask whatever makes them feel comfortable. They want to know what happened and what you have done to prevent it from happening again.
Message 2 of 8
Anonymous
Not applicable

Re: Letter of Explanation

Anyone?

Message 3 of 8
Anonymous
Not applicable

Re: Letter of Explanation

I don't know if its normal or not, but I agree they can ask for whatever.  I know mine just had me recite the dates for addresses I lived in from as far back as 2009.

Message 4 of 8
kc0039
Established Contributor

Re: Letter of Explanation

Might be a lender overlay? Maybe for peace of mind for the underwriter. I usually don't ask for those unless my underwriter specifically asks for an LOX

Licensed in IL
Message 5 of 8
Anonymous
Not applicable

Re: Letter of Explanation

I'm not sure... I know my file has not went to the underwriter yet. The problem is my last CR that I pulled through MyFico has expired and the LO hasn't given me a list of the lates/derogatory marks that I need to explain. They just said explain anything on the report. Do they normally give you a list of the derogatory marks or do I need to pay for another credit report myself?

Message 6 of 8
Anonymous
Not applicable

Re: Letter of Explanation

Mine printed out a list and handed it over for me to fill out.  Easy peasy.

Message 7 of 8
kc0039
Established Contributor

Re: Letter of Explanation

If there are any addresses in the credit report, explain those. Other than that, there is nothing to explain.

Licensed in IL
Message 8 of 8
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