letter of explanation for bad credit

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When applying for a mortgage loan, borrowers are often prompted to write a letter of explanation describing reasons for credit default. Use our.

To be sure, credit history is not the be-all and end-all of hiring. Two of every three employers say they gave candidates an opportunity to explain their credit.

Borrowers with extended period of bad credit but has since recovered and re-established themselves can qualify for mortgage. However, underwriters will request letter of explanation by borrowers providing documentation with letter of explanation to mortgage underwriters

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The letter of explanation may include explanations for soft credit inquiries and each derogatory entry that shows up on the credit report. When writing a letter of explanation, several components need to be included for every entry made.

However, a letter of explanation for derogatory credit may help convince the creditor, employer or insurance company to favor the consumer’s request. Many lenders are willing to help a consumer in financial trouble if he or she can give a clear and reasonable explanation for the missed payments, and offer assurances that the problems have been remedied.

When writing a letter to explain bad credit when asking a bank to approve a short sale of a home, the purpose is to explain the cause for the problem and that the situation is not likely to improve, according to About.com. This type of letter should show no hope for things getting better.

This letter is written in response to the request for verification of the period bad credit by your lending institution. The loan in question is for a home on Mystic View Turn in Columbia. My family is quite large, we have children, and we have been renting. Our current accommodations are too small and my children long for a yard to play in.

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