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How To Explain Derogatory Items On Credit Report

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What "Derogatory" Means in a Credit Report | Experian – Public record items, such as bankruptcies and judgments also are considered derogatory. Other examples of derogatory credit items include collection accounts, charge-offs, and accounts that are settled for less than the full balance. While some lenders still may be willing to extend credit to someone with derogatory items on their report, they may do so with less than favorable terms, such as higher interest rates or fees. Thanks for asking. The "Ask Experian" team

How to Explain Derogatory Credit – – Rather than writing an explanation yourself, give the borrower some guidance on the proper format. A good credit explanation should contain the following: 1. An acknowledgement of what happened. This demonstrates honesty and understanding of the necessity to repay the debt. 2. A reason why it happened. Don’t leave this to the underwriter’s assumption.

PDF DEROGATORY CREDIT EXPLANATION LETTER – – report as entered on the credit score usage notice received from the Lender, as well as any other derogatory items listed on the credit report. The Applicant’s letter prepared on page two and three assists the Lender in determining creditworthiness by explaining why the derogatory items exist, what steps have been taken to resolve them and why.

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Explanation derogatory letter credit. – How to Explain Derogatory Credit | Progressive Lending Solutions – Make sure that your borrower’s credit explanation letter corresponds with the credit report. If there are five derogatory items, make certain that all five are addressed rather than just two or three. If a single incident caused several derogatory items, be sure that your borrower’s letter states that (i.e., job loss, divorce, etc.).

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