Consumer Note In Credit Files

You can include a 100 word explanation of negative credit items in your credit file. It’s Federal Law. Anyone looking at your credit file supposedly can read your comments.

However, there is often only a notation that your explanation is on file. The person reviewing your credit may have to ask to see it. Usually, the fact that you took the time to explain it is enough to make the difference to a creditor.

Your note should state a good reason for not having been in control of your credit, along with a reason that it won’t happen again. Never say something like you had too many bills, or you just forgot to pay.

Include the reasons why it won’t happen again, such as a better job, or that you have resolved the health issues which caused your problems. A potential creditor wants to know that you can manage your money, and that you have a stable income to support your credit.

NOTE: do not use this strategy for items you may wish to dispute again. You need to be completely finished with every other strategy before you send this note. It verifies the validity of the negative remarks.