GW Letter Questions

[Anonymous]

When is it acceptable to write a GW letter?

Can someone post an example of a GW letter please.

Do these often work?

[Anonymous]

1. When you have a paid account....with negative notations...

2. When you have a paid collection/charge off....and you want it removed...

SEARS

P.O. Box 6189

Sioux Falls, SD57117

June 5, 2008

Regarding: Account # XXXX

To Whom It May Concern:

I am writing a letter regarding my experience with Sears that is a mixture of an appreciative “thank-you” and an urgent request concerning a Sears Credit Card tradeline in my credit files that I would like to have reworked. Currently I am writing to see if you would be willing to make a “goodwill” adjustment to your reporting to the three credit reporting agencies.

According to my credit report, I have 2 30 day lates from May 2003 and March 2006. These late payments were due to my financial hardships and I do apologize. I don’t say this to justify why the payments were late, but rather to show that this is not a good indicator of my credit worthiness.

I received the Sears Card in 2002 and during that time I enjoyed the experience; this was one of the first credit cards I have ever had. It is my sincere hope that Sears is willing to work with me on erasing both of these marks off my credit reports. All I can do is hope you will adjust the late payments which will help my credit score. Your customer service representative suggested that I write you for a “goodwill adjustment.”

Although I no longer maintain a Sears Card, I sincerely hope that there is redemption at Sears, and I beg for such consideration. Please let me know if you need any addition paperwork that will help in you decision of this matter. I thank you for your time and look forward to hearing from you on this matter.

Very Sincerely,

[Anonymous]

Thanks for the letter.

I have many unpaid collections.

I am finally in a place to pay them, just want to know if I pay first then send letter or send letter promising to pay if they remove from my credit report.

Thanks for all your help!

[Anonymous]

do you know if you are past SOL?

if you are....i suggest offering a PFD & offering less than what they say you owe (cause i bet they have added some big fees).....get them to sign it on their letter head.....get something in writing before you send them anything.

Message Edited by molly73 on 07-21-2008 04:02 PM

[Anonymous]

Some are really old and some more like 1-3 years ago.

So do I send PDF letters to all of them.  I have many.  I am concerned this will bring them all current and make my score go even lower.

Once I send the letter if they do respond back saying yes then pay them?

[Anonymous]

hopefully someone else will chime in here.....but find out your SOL & send PFD on the ones that are past SOL first....if they get back to you & agree to the terms...then pay them....if they don't....keep on sending them PFD letters.

i am no expert.....but i don't think sending a PFD will reset anything.....only if you pay them...i think this will reset the DOLA

but with the PFD.....i would do this only for the ones past SOL......otherwise the ones that are within SOL might come after you harder.

the current ones.....i don't know the best way to go about these.....i think many pay them.....then send a GW...but hopefully someone else will suggest something.

[Anonymous]

Molly's got it right, as far as I can see!

The only thing is that with unpaid medical collections, you want to use the HIPPA process. If either of your's collections are medical related, just holler and I'll fetch the letters you need to use.

Or conversely you can search for the HIPAA letter.  Its a LOT of reading and you won't understand most of it (its really convoluted, but then, isn't everything dealing with credit??) but if you follow his directions to a "T," you'll have more success than if you didn't.

As for PFDing debts that are out of SoL the bennie to the CA is that they have more of a guarantee of getting their $$ if they agree. Since, of course, once the debt has run the SoL, they no longer have the legal remedies afforded them by the court system (i.e., they can't sue you for it, legally). So, in a nutshell, you have more leverage in convincing them that allowing you to PFD is the way to go.

Some CAs can be snotty, though (I've known a few) and will be insulted if you offer a PFD and will refuse it and take the hit. I dunno why. But chances are, if the debt's out of SoL, it'll more than likely be due to fall off your CRs soon. So it's a bit moot unless you're apping for new credit and want the best rates.

If you offer a PFD BEFORE the SoL has expired, as Molly said, they might come after you even harder. Around here, we like to call it "waking a sleeping giant." Since you're offering to PFD, they take it that the debt's valid AND that you have at least SOME of the money to pay it off. So offer a PFD on newer debts at your own risk.

On a final note, remember that a CA can ALWAYS sue you for a debt, regardless of SoL (in fact, many Junk Debt Buyers -- JDB's_ WILL attempt this). I would think their rationale is that you either A) Won't know your rights and won't show up to present a defense or B) Will quail and offer a settlement prior to the court date.

If you ARE sued, and your debt IS out of SoL you MUST appear. Once you appear, you can present the SoL defense (and you WILL win). If you don't show up, regardless of SoL, you WILL lose by default. Afterward, you can always file a motion to vacate on the basis of of the debt being SoL, but you'll have to pay approximately $200 in filing fees for the "pleasure."

[Anonymous]

Wonderin and Molly,

Thanks for all your help.  I don't have any medical collections.  Just bad debt never paid.

With the ones that are only a few years old should I just pay then and send a GW letter.  I really doubt many CA's will take any action to take things off my credit report.

SOL is from the last time they made contact of the date of the original debts delinquency.

Wow there is so much to learn.

Again thanks. 

[Anonymous]

SOL starts with the DOLA...so basically the last time you paid....if you you check your credit...like with EQ....it should say DOLA.....then SOL will start from there

[Anonymous]

When sending a GW letter to a OC....

If the account was sent to a CA and is not PAID will they ever

delete the original account as a result of the GW request?