Being able to draft an exceptional credit letter can save you time and money when you are able to fully explain your thoughts on paper. It will also save you from having to speak to another in person if this is something you really don’t want to do at the present time.
There are two types of credit letters you may have to write at one time or another. The first is a letter to a customer looking for repayment of a debt and the second refers to the letter you may have to write to a creditor who is demanding payment. Another type of credit letter that falls into this latter category is a letter to a credit reporting agency when you find that there are mistakes in your credit report.
If you are a creditor, there are some tips you can use to help you write the perfect credit letter.
– Maintain your professionalism throughout the letter. Keep the tone courteous as you request immediate payment because you still do want to retain this person as a customer after the account is brought up to date.
– If you do have to reject an application for credit, don’t come across as being rigid in the letter. It is important that you explain the reasons for your decision, yet leave the door open for the customer to reapply in the future when their financial circumstances improve to a level that is acceptable to you.
– If you are writing concerning a missed or late payment, encourage the customer to get in contact with you so that you can probably make other payment arrangements.
– Advise the customer about any penalties you can impose in the event that the payments are more than two months overdue.
– Keep it short and to the point.
– Do not be overbearing in the letter, yet you do have to be assertive
If you want to write a credit letter in reply to one that you have received from a creditor, keep the tone of the letter pleasant. You don’t want to take a stance that will aggravate the creditor and cause him/her to cut off your credit or to demand immediate payment of the account in full. Address your concerns and give a plausible explanation as to why you have missed payments. Ask for a meeting so that you can discuss other measures for making sure all future payments are paid on time. This could include such things as asking to renegotiate the terms, such as lowering the payments, setting a longer term or asking for a few months grace in which you can get your affairs in order.
When you find a mistake on your credit report, you have to contact the credit reporting agency to have the mistake corrected. First, you have to make sure you address the letter to the appropriate person, which means you may have to do a small amount of research to find out who this person is. At the top of your letter provide all your personal contact information so that the agency knows exactly how to get in contact with you. Attach a copy of your credit report to the letter with the items you want addressed highlighted. Provide an explanation of the reasons you would like the corrections made in your letter and be sure to specify whether the other items on your report are accurate. The claims department will then have the information needed to investigate your report.