Credit letters are written demands for favors, information or a specific action that you submit to the creditor. These letters are very effective because they use provisions from the Fair Credit Billing Act (FCBA), the Fair Debt Collection Practices Act (FDCPA), and the Fair Credit Reporting Act (FCRA). The purpose of these letters is to remove negative items from your credit report. Prior to using these letters, you will have to have a copy of your credit reports from Experian, Equifax and Transunion to ensure that you are aware of all debts and creditors that you have. You are entitled to one free credit report from each of the three credit bureaus once a year, you may acquire these from websites such as annualcreditreport.com.
The goodwill letter is used when you have accounts that were paid late but no more than 30 days. Accounts that have been paid 60 days or less can also use the goodwill or FCBA letter. The FCBA letter can also be used on accounts that are anywhere between 90-150 days late that are still held by the original creditor and have not been charged off.
Validation letters are to be used when an item is unpaid and reported by the collection agency.
Investigation letters are to be used whether the item is paid or unpaid, charged off and reported by either the original creditor or the collection agency.
Templates for these letters can be found on the Federal Trade Commission website or you can get assistance from credit repair services such as Lexington Law.