To write an effective goodwill letter that increases the chance of late payment forgiveness, follow these five steps. Step 1: ...

If your goodwill letter does not result in the removal of your late payment, you may consider other options, such as credit counseling, debt settlement or credit repair services.

A goodwill letter is a way to ask for mercy and help in moving your credit in the right direction. If you're a loyal customer, the creditor may extend you grace to continue the business relationship.

Different from a credit dispute, a goodwill letter explains why you had a late payment and asks the creditor to take it off your credit reports. Here's what you need to know to write one that works.

Goodwill letters vs credit disputes. A goodwill letter is not the same as a credit dispute. A dispute is when you don’t agree with something that is on your credit report.

Could you boost your credit score just by writing a letter? Find out here. Image source: Getty Images.

A goodwill letter to your lender could help you remove a late payment from your credit history. But when you write the letter, avoid going too negative or writing too much.

A goodwill letter has a higher probability of working if you have an otherwise pristine history of paying loans on time. Frequently asked questions about pay-for-delete letters ...

Goodwill letters are formal requests to creditors or lenders that ask them to remove or adjust a late payment so it doesn't impact your credit score.

Goodwill letters vs credit disputes. A goodwill letter is not the same as a credit dispute. A dispute is when you don’t agree with something that is on your credit report.