LOGIN
TRY FREE

CREATE YOUR STARTER ACCOUNT

Your first 30 days are FREE...

Upgrade, downgrade or cancel anytime.

LEARN HOW TO START, RUN, OR GROW YOUR CREDIT REPAIR BUSINESS

Advanced Credit Repair Disputing: How To Get a Goodwill Deletion

By: Daniel Rosen December 15, 2020

Did you know that payment history makes up roughly 35% of your client’s total credit score? 

That’s right, lenders consider late payments a big red flag under the premise that the client won’t pay them on time either. 

In fact, most credit card companies periodically pull their card holder’s credit every so often as a soft inquiry to see if they were late with other accounts or to see if there are signs of financial difficulties with other creditors. 

If so, they may lower the available credit line or even increase their interest rate, even if your client has never been late with them on a payment. This highlights the importance of educating your clients to never be late with any creditor.

But what happens if your client suddenly fails to make a payment on time and their long-term payment history is gone? 

This article walks you through exactly what you need to do to dispute the late payment.

 


What Is A Goodwill Intervention In Credit Repair Disputing?

Life happens and sometimes it gets so chaotic that a client forgets to make a payment on time. It happens to the best of us. Maybe the mail was lost through no fault of their own, or layoffs happened, or an emergency medical situation or even COVID caused a payment to have to be pushed past the due date. 

Whatever the reason, your client doesn’t have to live with the consequences of a late payment forever. 

There are options. You may be able to get the late payment or payments removed with a little bit of creativity and empathy. This process is called a goodwill intervention.   

Why Is A Goodwill Intervention Important In Credit Repair Disputes?

  1. A goodwill intervention is a request, not a demand. You are essentially asking the creditor to remove the one or two late payments in return for a promise to make payments on time in the future.  
  2. Goodwill interventions may only work on OPEN accounts. If the account is closed, you may want to simply work towards removing the entire account, (not just the late payments) because a goodwill intervention is based on previous stellar payment history.
  3. This strategy only works if the account is CURRENT, meaning there is no past due amount. Basically, if you were the creditor and your customer asks you to remove late payments on an account that is past due, you're not even going to consider it until it’s current.    

How Do You Complete A Goodwill Intervention?

If your client has an OPEN and CURRENT account that’s always had a great payment history and suddenly had one or a handful of late payments, these are the steps you can take for a deletion:

  1. Either use our “Letter Finder” feature or visit the letter library within your Credit Repair Cloud and search for “goodwill”. Here, you’ll find several variations of the letter. Use the one that suits your situation the best. 
  2. Next, make sure you have a really good excuse. A goodwill deletion letter works by sending it to the creditor asking them very nicely to remove a late payment. Try to have a great story, a tearjerker or something that moves them. Maybe your child was born that month, maybe you were hospitalized, or your family was affected by COVID. Bottom line, it must be something really, really difficult that made you suddenly unable to pay. 
  3. You are asking for a favor. Be very, very nice and if the main customer service address doesn’t respond, try sending it to various departments or individual people within the company. 

If these late payments are really hurting your client, and you’re really serious about doing everything you can to remove them, go the extra mile. 

Google the company or use LinkedIn to find the CEO, VP, managers, directors or literally anyone you find with contact information and send a separate letter directly to them.  

Remember, life happens, but it doesn’t have to haunt your client’s credit for years to come. As long as you really put in the effort, go the extra mile, use a bit of creativity, and strategically apply pressure - you’ll be amazed to see that more often than not, you get the results your clients need. Furthermore, they’ll love you for it!

What happens when you get clients results they love? 

They tell everyone and in turn, your business grows. A great example of this success through word of mouth is our Millionaires Club Member, Tracy Arnett.

Tracy started by repairing his own credit, then began working to fix his family’s credit. Soon, he had so many people asking for help that he had to hire his family to help him launch and run his credit repair business. 

To this day, his multi-million dollar a year business runs off of referrals! 

To learn more about Tracy’s story, check out this fun podcast interview where he breaks down how his strategy works and what he does.

But remember, growing your credit repair business is really pretty simple - master your craft, get great results for your clients, and let them sell your services to everyone they know! 

...And BOOM! 

You’ll grow with the best of em’ and who knows?... Someday, you could be right here on our wall of fame with the rest of our Millionaire’s Club Members!

If you’d like to scale your business to become a multi-million dollar a year company, join our next Credit Hero Challenge. You’ll have access to live coaching, daily lessons and action points, and will get all the information you need to launch your profitable credit repair business. You’ll even get 3 certifications. Just go to creditherochallenge.com to sign up today!

Just go to creditherochallenge.com to Sign Up today!

 

Be sure to subscribe on your favorite platform below!

badge_youtube watch-01 badge_apple (1)-1 badge_spotify (1)-1 badge_google_podcast (1)-1

 

Topics: Podcast

Transcript

0:00  

Life happens. And sometimes it happens in a way that can haunt you for years. Let's say your client has a perfect and long term payment history with a creditor, when suddenly - boom! Something happens that causes that amazing long term history to go late. What a bummer, right? Maybe the mail was lost through no fault of their own, or a layoff happened, or an emergency medical situation. Maybe it was COVID that caused a payment to have to be pushed past the due date, or maybe life just got chaotic, and they forgot. In this episode, I'm going to walk you through exactly what to do so that those moments in life don't haunt your client’s credit for years. Today, we are talking about goodwill deletions, so stick around! 

 

So the big question is this, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans without spending a fortune by bootstrapping it from nothing so we can help the most people and still become highly profitable? That is the question, and this podcast will give you the answer. My name is Daniel Rosen, and welcome to Credit Repair Business Secrets. 

 

Did you know that payment history makes up roughly 35% of your client's total credit score? Lenders, they really frown on late payments, because they consider it to be a red flag that maybe that person won't pay them on time in the future either. In fact, most credit card companies periodically pool their cardholders credit every so often as a soft inquiry to see if they were late with their other accounts, or to see if there are signs of financial difficulties with their other creditors, and if so, they may lower the available credit line, or even increase their interest rate, even if your client has never been late with them on a payment. So it's really important to educate your clients to never be late with anyone, if possible. Now, we all know life happens, right? It's happened to all of us. And just because your payment was marked as late, it doesn't always mean that you have to live with it. There are options! You may be able to get the late payment, or late payments removed with a little bit of creativity and empathy. And this process is called a goodwill intervention. Here's why this is important. A goodwill intervention is a request. It's not a demand. You are essentially asking the creditor to remove the one or two late payments and in return for a promise to make payments on time in the future goodwill interventions, they may only work on open accounts. If the account is closed, you may instead want to simply work towards removing the entire account, not just the late payment because a goodwill intervention is based on a previous stellar payment history. Now, this strategy only works if the account is current, meaning there is no past due amount. Okay? Basically, if you were the creditor, and your customer asks you to remove late payments on an account that is past due, you're not even going to consider it until that account is current. So here's what you need to know if your client has an open and current account that always had a great payment history and suddenly had one or a handful of late payments. curious how you'd go for a deletion. First, you either use our letter finder feature, or visit the letter library within your Credit Repair Cloud and search for goodwill for a goodwill deletion letter. And in that library, you'll find several variations of the letter and just use the one that best suits your situation. Next, you want to make sure that you have a really good excuse. Okay, a goodwill deletion letter, it works by sending it to the creditor, asking them very nicely to please remove the late payment. Again, try to have a great story. A tear-jerker, something that moves them, maybe your child was born that month, or maybe you were hospitalized, or maybe your family was affected by COVID, or something really, really difficult came up that made you suddenly unable to pay. Remember, you are asking for a favor. So be very, very nice. And if the main customer service address doesn't respond, try sending it to various departments, or even to individual people within the company. If these late payments are really hurting your client, and you're really serious about doing everything you can to remove them, then go the extra mile to Google the company or use LinkedIn to find the CEO or the vice president or managers or directors or literally anyone you can find contact information on and send a separate letter directly to them. Remember, life happens. But it doesn't have to haunt your client’s credit for years to come. As long as you put in the effort and go the extra mile and use a bit of creativity and strategically apply pressure, you're going to be amazed to see that more often than not, you're going to get the results your clients need. And then they're going to love you for it. And do you know what happens when you get clients results that they love? Well, they're going to tell everyone and your business grows. Just like it has for our Millionaires Club member Tracy Arnett and Tracy started by repairing his own credit. And then he began working to fix his family's credit. And then soon he had so many people asking for his help, that he had to hire his family to help him to launch and run his credit repair business. Still, to this day, Tracy's multi-million dollar a year business, it runs completely off of referrals. Isn't that amazing? And I did a really fun podcast interview with Tracy recently where he breaks down exactly how that works, and what he does, and you can go check that interview out after you're finished listening to this one, I highly recommend hearing it. It's so inspiring. But remember, it's really, really simple. Just master your craft. get great results for your clients, and let them sell your services to everyone they know. Okay, and boom! You're going to grow with the best of them and who knows, maybe someday you might be right here on our wall of fame with the rest of our Millionaires Club members. Would you like that? Well, then I want to invite you to join our next Credit Hero Challenge. It's about to start and I would invite you to join it. In the challenge, you'll have access to live coaching, daily lessons, and action points and you'll get all the information you need to launch your profitable credit repair business. You'll even get three certifications! Just go to creditherochallenge.com and sign up today. And if you're finding value in the things that I'm sharing on this podcast, click below to subscribe. Okay? And if you're feeling kind, write me and give me a review because this is a new podcast, and I can use all the help I can get. And I will see you on the next episode. So until then, keep changing lives! 

 

Want more credit repair business secrets? Then get a copy of my book The Ultimate Guide to Starting a Credit Repair Business. Get it free at creditrepaircloud.com/freebook. Inside this book, you'll find my top 35 secrets to removing items from credit reports and turning that into an amazing business that helps people, changes lives, and makes you a great living in the process. Get it free at creditrepaircloud.com/freebook.

Launch your very own Credit Repair Business
Join Our 14 Day Challenge NOW!

Be the first to know! Get instant notifications for new articles.

Search our blog