First Post and First GW Letter
08-30-2007 03:06 AM
My main issue now is with my Wells Fargo school loans. I make one payment per month, but it goes to 10 different loans. Each loan reports late payments seperately, so I have a HIGH number of late payments on my CR. I typed up a GW letter tonight that I will send out in the mail today.
Thank you to the original author of this GW form letter. I modified it for my needs. Wish me luck!
August 31, 2007
Wells Fargo Education Financial Services
301 E. 58th St. N
Sioux Falls, SD 57104
Re: Account #
I have had educational loans with Wells Fargo Education Financial Services since 1997. During that time, I have been greatly impressed with the ease of the loan application process, the friendliness of the telephone-based customer service, and the wide variety and simplicity of the online Wells Fargo account services. I also wish to thank Wells Fargo for assisting me with the deferment process that I have had to utilize a few times in the past ten years. I am writing to see if you would be willing to make a "goodwill" adjustment to your reporting to the three credit agencies. I have ten Wells Fargo education loans, on the above referenced account, that date back to 1997. The current account balance is $xxxxx.
Because of my exceptional payment history over the last year, I would like you to consider removing the negative payments from my credit report. All loan payments have been paid electronically, via Electronic Funds Transfer (EFT), since late 2006. I set up the EFT payments to ensure that all future payments would be made in a prompt, efficient manner. While I continue to make a single monthly payment that encompasses all ten loans, each of the prior late payments is counted individually for each loan. Essentially, the late payments are multiplied by a factor of ten. This has resulted in an extremely high number of late payments being reported to the three credit agencies. At the time of the most recent late payments, I was in the process of finishing my degree and beginning my professional career. I say that not to justify why the payments were late, but rather to show that the late payments are not a good indicator of my actual credit worthiness. I genuinely hope that Wells Fargo Education Financial Services is willing to work with me on erasing these marks from my credit reports.
I have been a very happy customer in the past and will continue a long relationship with Wells Fargo Education Financial Services for the distant future. With today’s credit industry being so competitive, I know how important it is to maintain good relationships with customers. I am in the very initial stages of purchasing my first home and know that good credit scores, as reported by the three credit agencies, are vital to receiving a fair mortgage rate. As a Minnesota native, I would prefer to utilize a local bank for the mortgage process and would consider contacting Wells Fargo Home Mortgage for this important financial transaction. Wells Fargo Education Financial Services has been exceptional in my opinion so far and I highly recommend you to everyone I know that is applying for educational loans. I hope that you will deeply consider my request and prove, once again, why Wells Fargo stands alone at the top of the loan industry. I look forward to your reply.
Re: First Post and First GW Letter
08-30-2007 03:37 AM
Re: First Post and First GW Letter[ Edited ]
09-15-2007 08:54 PM - edited 09-15-2007 09:09 PM
"Wells Fargo Education Financial Services recently received the correspondence you sent to us disputing negative reporting to one of the national credit reporting agencies. We have reviewed your account information and verified what we sent to the credit reporting agencies was accurate."
The problem is I know all the negative information was valid. I didn't send them a dispute letter, I sent a GW. Looks like I'll be sending another one, ensuring that I mention I am not disputing the negative information.
Does anyone have a name of someone at Wells Fargo Education Financial Serives? The GW I sent was just sent to the address in my CR.
Thanks in advance!
Message Edited by newFICOwatcher on 09-15-2007 11:09 PM