Required

What’s a Goodwill Letter and How Can it Help You?

Written by:
Rachel Lewin
Edited by:
Kristin Marino verified

good will letter“To err is human; to forgive, divine.” – Alexander Pope

We all make mistakes and sometimes they are financial mistakes. Late payments, forgetting you owe a company money, or going through periods of unemployment can all lead to marks on your credit report.

If the tide has changed or you’ve learned the error of your ways you might realize that getting those bad marks on your credit report removed isn’t so easy. Usually it takes seven years for these marks to drop off your credit report, but you can speed up the process with a goodwill letter.

As explained by myFICO, a goodwill letter is one that is sent to a collection agency or original creditor requesting they remove specific remarks on your credit report or even the entire line of credit reported.

Your account should be in good standing meaning you’re not writing in to remove a debt you still owe. Your goodwill letter to creditors should note what caused the issue, how you corrected it, and what you’re doing and plan to continue doing to ensure it never happens again.

Although a positive aspect of a goodwill letter is that it can help improve your credit report and score, it could also lead to a dispute comment on your credit report or cross-reporting of the remark if it was not noted by other reporting agencies. If you are successful though the remark will likely be removed from your credit report without you receiving any additional correspondence from the collection agency or original creditor. If you plan on using goodwill letters consider finding a good credit monitoring service so that you can more easily see if any changes have been made.

To see examples of goodwill letters to creditors and even read some success stories, visit myFICO.

Get matched to your perfect loan and level up your money game.
Find My Loan
Popular Posts

Related Content

Personal Loans vs. Cash Advance Loans: Help Me Choose
Tips and Advice | July 30, 2021
Cash advance and personal loans are ways to borrow money. If you have good or excellent credit scores and don't need high-interest rates select personal loans.
Personal Loans vs. Home Equity Loans: Which Is Better?
Tips and Advice | November 22, 2021
Personal loans and home equity loans are both viable ways to get the money you need to pay off debt and more. Get help deciding which loan is best for you.
How to Find the Best Personal Loan: Your Complete Guide
Tips and Advice | May 18, 2021
Personal loans are a solid alternative to credit cards, but you should know how they work. Learn more about personal loans and compare rates.
What It Takes to Get a Low-Income Personal Loan
Tips and Advice | December 9, 2021
Low-income personal loans are available to qualified borrowers. Learn which lenders offer low-income loans and what it takes to qualify.
Personal Loans vs. Buy Now, Pay Later: What’s the Difference?
Tips and Advice | April 14, 2022
Learn how buy now, pay later works, its potential benefits and drawbacks, and the difference between it and personal loans.
Can I Refinance a Personal Loan?
Tips and Advice | September 13, 2022
Refinancing a personal loan could help you to save money on interest. Compare rates and see how personal loan refinancing works.

Ready to up your money game?

See my loan options
Why AmONE is Trusted By Millions for Their Loan Needs

Anyone can put together a group of lenders in a marketplace to offer people loans. We go beyond that. We not only partner with some of the best lenders around (like Citi, Rocket Loans, SoFi and so many more), we also work with partners who can help people like you go beyond a one-time loan. We connect you with the money programs you need to help you get real financial solutions in place that allow you to tackle your debt and money problems so you can move forward. Getting out from under debt to financial freedom is daunting and we're ready to help you every step of the way.

AI is the hottest thing around right now, but we know from our decades of experience in the personal finance space that the last thing someone wants to do is talk to a robot when they need real answers. Solving money problems can be stressful and daunting, so don't settle for generic responses and information that offers little real financial insights. Speak to one of our many support specialists who all work from an AmONE office right here in the U.S. and get the answers you really need to make better financial decisions.

We work hard to find loan offers for even the most challenging financial situations. With our large lender marketplace, we know we give everyone the best shot at getting the loan, debt and credit help they're hoping to find. Even when someone's credit is clearly poor or they hold a large amount of debt, we still get our customers in front of lenders to give them the best shot at securing the funds they need. When the unexpected happens and customers are rejected for loans, we still work with them to find other financial solutions that put them on the path to financial recovery so they can keep moving forward toward their money goals.

Anyone can put together a group of lenders in a marketplace to offer people loans. We go beyond that. We not only partner with some of the best lenders around (like Citi, Rocket Loans, SoFi and so many more), we also work with partners who can help people like you go beyond a one-time loan. We connect you with the money programs you need to help you get real financial solutions in place that allow you to tackle your debt and money problems so you can move forward. Getting out from under debt to financial freedom is daunting and we're ready to help you every step of the way.

handicon
Matched with Lenders Who Fit Your Needs

Tell us your situation and we will match you instantly to financial solutions that are right for you.

shieldicon
Get Offers from Only Highly Rated Providers

We work with only the highest-rated partners that provide the best chance to get you the loan you need for your situation.

supporticon
Easy Access to Live Support Based in the U.S.

Get live support when you need it most, through email or phone, and have your questions answered fast.