@Anonymous wrote:
Good Will letter? What is this exactly and have you ever heard of a lender/creditor making any adjustments? Thanks.
Yes, they do, although you may have to keep begging for a while. Many will tell you that it is illegal to remove derogatories from your report, but that is not true. It is just company policy as to whether they do it or not.
Search for GW (goodwill) in the search box above. You do a GW if you have paid the account in full, and you are asking them to do you a favor. If you have a certain creditor, you can enter something like GW Chase (or whoever) to see if you can find a useful address or something.
If you still owe money, search for PFD (pay for delete) in the search box. You have more leverage in this situation, which is grossly unfair, but there it is.
Everyone should realize that if you GW a late off of a CLOSED account, they may very well remove that account entirely, and that could hurt you more than a single, old late payment (or even worse stuff.) Make sure that if you are GW'ing (or even PFD'ing) a closed account that it is not a really old account (for instance, opened several years before your next oldest account.) You may well regret losing that TL.
Closed accounts report for 10 years after you close them. Any baddies on them (lates, collections, etc) report for the first 7 - 7.5 of those years, then they fall off and you have 3 more years of clean reporting before the whole thing goes away.
Also, for those who are new (this is not addressed to any of the posters on this thread), PLEASE read the threads posted at the top of the forums, such as Credit Scoring 101 and the abbreviations thread. Lots of us here are happy to help you out, but you won't really get what we are talking about until you do some reading at first. This is a very strange world we're in here, and the ins and outs can make you crazy if you don't know what's going on.
