During the underwriting process, your lender might want a letter of justification from you. You can use a letter of explanation to provide your underwriter with brief explanations for any gaps in your documentation. Although writing letters of explanation may seem difficult, they can actually make getting a loan easier.
Sample email of Explanation for Credit Inquiries: 1
Dear [name of the recipient]
In response to a letter you sent me dated [insert date] regarding [insert number] late payments on my loan from [insert date to date], I am writing to you now. I’m writing you this letter today to explain why I was late. I recently lost my job because the business I was employed by formally closed on [insert date] before going bankrupt. I’ve included a letter from my employer with information about the circumstances for your review.
I sincerely regret any inconvenience my past-due payments may have brought about. To get out of this horrible circumstance, I have been searching for jobs and attending interviews. I was recently employed by [insert name of firm] on [insert date], and I intend to begin work on [insert date]. Between [insert date] and [insert date], I intend to take care of any past-due payments. For your reference, I’ve included a suggested payment schedule that I humbly urge you to consider.
The campaign deliverables are currently in [insert information about the status] status. My team is putting a lot of effort into finding a solution, and by [insert date], we should have everything updated. Since I am in charge of my [insert title] team, I am accountable for the client’s displeasure. To avoid this from happening again, I’ll contact the client personally the following time and ask for clarity. I realize that there are lasting effects from my involvement in this situation. Still, I do hope you will accept my sincere apologies and take into account my strategy for handling future campaigns.
Regards,
[Name or company of the sender]
[Signature or logo of the sender, if any]
Sample email of Explanation for Credit Inquiries: 2
Dear [name of the recipient]
I’m writing to you today to let you know about the team’s [insert kind] miscommunication. I know that our [insert name] campaign fell short of [insert name] client’s expectations. We tried to optimize the deliverables as a team while using notes from our meetings with them to guide our work. We had trouble understanding [insert difficult concept] in our notes, for example.
As the team leader, I deduced that [insert what you believed the client meant] based on [explain how you arrived at that conclusion]. The campaign deliverables are currently in [insert information about the status] status. My team is putting a lot of effort into finding a solution, and by [insert date], we should have everything updated. Even though I worked on it continuously since you presented it to us and made use of the allotted class time, I was still unable to complete it in time.
To find out how to better request materials early in the production process and avoid this from happening again, I followed up with the administrative and supply employees. To potentially end this situation, I’ll write the client a letter of apology. I’ve included some docs with this problem for your review. I apologize once more, acknowledge the errors made, and promise to work even harder with the administrative and supply employees in the future to avoid making the same mistakes.
I fully admit my mistake in not submitting my work by the deadline. I submitted my article electronically, and a copy is attached below for your reference. I hope you will think about awarding me some points for this assignment, but I can understand if you have to give me late points or none at all. I’m grateful.
Regards,
[Name or company of the sender]
[Signature or logo of the sender, if any]
Sample email of Explanation for Credit Inquiries: 3
Dear [name of the recipient]
I’m writing to you today regarding the study paper that was due this week (Mention the day). I acknowledge that I failed to submit my assignment before the deadline and sincerely regret any inconvenience this may have caused. Even though I worked on it continuously since you presented it to us and made use of the allotted class time, I was still unable to complete it in time.
My involvement in extracurricular activities may have contributed to my inefficiency while working on this thesis, but I am aware of it. I want to set deadlines for my assignments in the future and give them top priority to make sure I submit my work on time. I also intend to put achieving my goals ahead of participating in
Since I am in charge of my [insert title] team, I am accountable for the client’s displeasure. To avoid this from happening again, I’ll contact the client personally the following time and ask for clarity. I realize that there are lasting effects from my involvement in this situation. Still, I do hope you will accept my sincere apologies and consider my strategy for handling future campaigns.
To find out how to better request materials early in the production process and avoid this from happening again, I followed up with the administrative and supply employees. To potentially end this situation, I’ll write the client a letter of apology. I’ve included some docs with this problem for your review. I apologize once more, acknowledge the errors made, and promise to work even harder with the administrative and supply employees in the future to avoid making the same mistakes. Please let me know if you have any queries about the attached documents. Thanks.
Regards,
[Name or company of the sender]
[Signature or logo of the sender, if any]
Sample email of Explanation for Credit Inquiries: 4
Dear [name of the recipient]
I’m writing to you to apologize for the late payments I made in (day) and (Mention the month/year) on my credit cards with the last numbers (numbers)and ( numbers). I shattered my leg in (month) and missed (numbers) work days as a result. I was consequently fired from my work. I also had to cope with a lot of medical expenditures at the same time.
Unfortunately, during those three months, I was unable to pay both my monthly debts and my medical expenses. My leg has since recovered, and I’ve also secured a new position. With both of the credit card companies that received reports of late payments, I have arranged a payment schedule. (Add more information about your reliable source of income. Begin with the sentence below.) Since that moment, I’ve been working for (duration of employment) almost a year at a full-time, reliable job. I’m interested in renting the apartment because I would like to be closer to (the reason you want to relocate here, such as a job, family, school, etc.).
I am carefully trying to improve my credit and increase my score (explain what you have done, such as paying off all outstanding bills). For the credit bureaus to mark these as paid, I’ve been in touch with both the creditor and them. (Only include the last sentence if it is accurate). (Be precise in your explanation. If you’d like, start with the paragraph below). My credit record shows that I have late payments on my list (list where you have made late payments, such as student loans and credit cards). I had financial difficulties at this time (explain your reasoning, such as a layoff).
I’ve included multiple medical bills and a note from my doctor that attests to my claims. A copy of the credit card debt repayment schedules and recent bills demonstrating that both accounts are currently current and in good standing are also included. If you have any more questions, don’t hesitate to get in touch with me.
Regards,
[Name or company of the sender]
[Signature or logo of the sender, if any]
Sample email of Explanation for Credit Inquiries: 5
Dear [name of the recipient]
This letter concerns my request for a $(amount of money) loan to buy a new car. I am aware that my credit rating is poor, and this letter’s goal is to explain why, as well as how I have improved my financial circumstances. The company I worked for fired (numbers) employees, including myself, on a date. I was informed during the exit interview that it was because the business had to cut spending due to the recession.
I had a letter of recommendation from my boss and was in excellent standing with the business. I was unable to get another employment to date because of the economy. My family survived while I was unemployed on my wife’s pay. Our credit cards and mortgage payments could not be made. We have resumed making payments on all of our bills since starting my new employment, and we intend to pay them off.
I now need a car for my new job and am interested in an auto loan. I’ll be able to pay the bills each month. I appreciate you taking my position into account. You can contact me via phone or email if you have any questions. As the team leader, I deduced that [enter what you believed the customer intended] based on [explain how you arrived at that conclusion]. The campaign deliverables are currently in [insert information about the status] status. My team is putting a lot of effort into finding a solution, and by [insert date], we should have everything updated.
Since I am in charge of my [insert title] team, I am accountable for the client’s displeasure. To avoid this from happening again, I’ll contact the client personally the following time and ask for clarity. I realize that there are lasting effects from my involvement in this situation. Still, I do hope you will accept my sincere apologies and consider my strategy for handling future campaigns.
Regards,
[Name or company of the sender]
[Signature or logo of the sender, if any]
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