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Credit Restoration Handout
When The Consumer Statement is Most Effective
The Consumer Statement is very effective in convincing prospective creditors that today’s problems won't be repeated in the future. It works particularly well if other methods you have tried to mitigate the negative information have failed.
For example, it works particularly well if you are dealing directly with the individual who has pulled your credit and will take the time to personally evaluate all of the information in your credit file, such as a landlord, or loan officer for your local bank. If your credit report is being pulled primarily to find out your credit score, for some types of mortgage loans, for instance, that credit grantor or entity is less likely to spend the time to read your statement, and the letter may have no impact.
It should also be mentioned that the Consumer Statement will do nothing to improve your credit score. The Statement simply acts as a way to explain away poor credit history, typically when the situation was out of your control to prevent (illness, layoff, accident, etc.) and may persuade the creditor to override standard procedure, or allow them to feel comfortable in making an independent decision to grant credit.
The following letters are examples of Consumer Statements. These letters are to suggest format and language and are for your convenience only. They are not to be considered as a substitute for legal advice from a licensed attorney in your state. If you are concerned about your rights and liabilities regarding a particular claim or debt, you should contact an attorney for advice specific to your circumstances.
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Credit Restoration
Report Errors and Obsolete Info
Correcting Reports
Free Credit Report
Sample Letters
- Obsolete Info On Credit Report
- Late Payment Dispute Letter
- Disputing Ex-Spouse’s Account
- Someone Else’s Credit Info Included On My Credit Report
How to Turn Late Payment Marks Into a Positive Credit Rating
How to Turn Bad Current Debts Into a Positive Credit Rating
Use A Consumer Statement to Explain Negative Credit History
When The Consumer Statement is Most Effective
Summary