Simpler the better. When writing your letter of explanation, the magic formula is to just write a simple explanation, Halladay adds. For instance, tell the underwriter that a snow plow hit your mailbox, and you didn’t get the bill that showed up delinquent on your credit report. That’s all you have to explain.

A credit reference is often required when a person is opening a new business and wishes to start a line of credit with a company for inventory or supplies, is looking to purchase a home or wants to borrow money from an individual or investing company. Credit references are best given by companies that have worked with.

Write simply, factually and without self-congratulations. Explain that you’re on a monthly re-payment plan to repay old debts; or that you closed all credit accounts and now live cash-only to stay within your budget; or that your bankruptcy was 2 years ago and since then you’ve met all of your financial obligations. Be honest.

Speeding tickets, bad. If you explain the circumstances over the phone, you can have it removed quickly. You will need to do this with all the major credit reporting agencies. If that doesn’t work,

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Lenders require you to explain risky aspects of your credit history and any discrepancies on your application. They request written letters of explanation for late payments, bankruptcies and foreclosures to determine whether circumstances beyond your control led to your financial troubles and whether your credit problems are likely to recur.

It doesn’t have to be really all that formal, or even formatted in a particular way (if at all).I’ve worked for a credit bureau, and now I work in the mortgage department of a bank, and I see credit explanation letters all the time. sometimes people hand write them on stationary, or even post-it notes.

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Sample Letter to Landlord Explaining Bad Credit. My salary is $1926 per month, as you can see from my attached pay stub. This is sufficient to meet the monthly rent payment of $550 per month, as well as pay my car payment ($275/month) and utilities. If you are hesitant about renting to me because of my poor credit,