JR asked in Business & FinanceCredit · 8 years ago

How to write a letter of explanation to a lender about credit counseling on credit report?

I am in the process of obtaining a loan. Everything is going great, and we have a conditional approval, but they have asked i explain why i was in credit counseling program with a credit card company. The explanation is easy.. i used to live beyond by means.. i got married, grew up.. now i don't, so i got with a credit counselor to assist me in making it possible to pay off this debt within a few years, rather than haggle with them on my own. Essentially, i got serious about getting debt free and for almost 2 years i have a perfect payment history.

So, I guess I'm wondering if there is any underwriters or loan folks who have an idea exactly what to write and how much info i should give them... i heave read "keep it short and to the point", and also "explain everything, don't be shy"... so which would you rather see come across your desk?

Also, if unsatisfied with my letter (as in i don't explain enough...) will they ask for more or am I screwed?

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  • 8 years ago
    Favorite Answer

    What you wrote just now is what you would need to write in a letter to the lender.

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  • Anonymous
    8 years ago

    This and not one other word

    i used to live beyond by means.. i got married, grew up.. now i don't, so i got with a credit counselor to assist me in making it possible to pay off this debt within a few years,

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  • 8 years ago

    The explanation you gave here is just fine. You just need to fix the grammar and punctuation.

    Source(s): BD
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