cancel
Showing results for 
Search instead for 
Did you mean: 

GoodWill vs Installment loans?

DonFico
Member

GoodWill vs Installment loans?

I'm hoping someone can clear something up before I sent a GoodWill letter. I'm under the impression that banks and credit companies must report correct data to credit reporting agencies. With this being the case, how are GW letters legal or reported in the case of installment loans? That is, if I was 30 days late on an auto loan little over 2 years ago, and then was current for two years after the fact (car is paid off now), would the bank report my late month as being paid even though it wasn't if my GW letter is accepted? 

Message 1 of 3
2 REPLIES 2
ImTheDevil
Community Leader
Super Contributor

Re: GoodWill vs Installment loans?

What they usually do is just delete the reporting for that month, so it’ll say “no data”. The rules are, if information is reported, it has to be reported accurately. By deleting missed payments this way, it effectively looks like nothing was reported in the periods in question. The result is that your score is driven only by the reported months, which would all be positive, and thus it’ll be a perfect payment record.


Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 2 of 3
DonFico
Member

Re: GoodWill vs Installment loans?

Makes sense. TY

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.