Disclose your credit history to an employer in private before he runs a credit check on you to avoid the impression that you’re hiding financial problems. Explain the circumstances that caused your credit troubles, such as a layoff, a long period of unemployment or high medical costs paid for you or a family member.
You’re working on your mortgage application to secure a loan for your dream home. Then your loan officer tells you to write a letter of explanation about a few missed credit card payments from several years ago and your brief period of unemployment when your company downsized.
If you have bad credit, you might not be able to rent the home you want. However, some landlords will compromise, especially if a home has remained vacant for awhile. If you attach a letter to explain your poor credit, you will increase your chances of securing a lease. These sample letters below might help you write your own personal letter.
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If you do happen to have bad credit, it’s not the end of the world. Many employers say they welcome a candidate’s explanation of their credit history and take it into consideration when hiring. If you have a good explanation for your bad credit, be honest in sharing it with them.
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To write a letter explaining your bad credit to a future employer focus on the positive steps you have made to rectify the situation. Also give a reason why your credit because so bad in the first.
2 Sample Letters Explaining Credit Inquiries. To use the sample letters, simply click the letter you want to use and it will open in a separate window or tab as a PDF document. If you have questions about working with the document, this guide to printables can help..