The below sample letters were drafted by CBA members to inform their clients they are reporting data.
Sample Letter 1
Sample Letter 2
Sample Letter 1
Date
Name
Address
City, State Zip
Dear <First Name>,
___________ is excited to inform you that we have joined Credit Builders Alliance, a nonprofit initiative to report your repayment history to the major credit bureaus. This will help you to continue to access our loan programs as well as open opportunities for other safe, affordable financing for yourself and your business. This is a tremendous opportunity for you to get a national credit rating and score on record, or to improve your current one.
We will begin reporting your repayment history to Experian and TransUnion in ____ 2010. The entire payment history of all active accounts will be reported. Because your account is currently active all of the payments from the date of your loan origination will be reported to Experian and TransUnion.
I urge you to continue making your payments on schedule, as it will have a positive impact on your credit score. If you are late on your loan payments please catch up and avoid the negative impact that delinquency status will have on your credit report.
If your account is currently past due, please contact our office immediately to make payment arrangements. We can discuss your options to bring the account to good standing. Please keep in mind that your repayment history will also be reported for any cosigners or personal guarantors connected with your loan. Any delinquency on your account will also negatively impact their credit history and score. If you used a personal guarantor of a cosigner to receive your loan, these individuals will receive a letter informing them of this situation as well.
Please do not hesitate to contact our office with any questions or comments regarding this matter. I look forward to hearing form you and to continue working with you in the future.
Sincerely,
Director of Lending
back to top
Sample Letter 2
Dear client,
ABC, Inc. <insert name of organization> has added a new dynamic feature to its loans. We have joined Credit Builders Alliance, a nonprofit initiative to report your repayment history to the major credit bureaus. This provides you with an excellent opportunity to get a national credit rating and score on record, or to improve your current one.
We will begin reporting your repayment history to Experian and TransUnion in ____ 2010. Your loan payment history, both active and inactive (paid-off) accounts will be reported to the credit bureaus.
It will be extremely important to continue making your payments on schedule, as it will have a positive impact on your credit score. To avoid the negative impact that late payments will have on your credit score, it is essential that you pay according to the schedule on your promissory note.
Status of current loan account:
Last payment: _______
Installment due: $_______
Past due: $_____
Late fees: $_____
Total payment due ____ 1st: $_____
Your repayment history will also be reported for any co-signers connected with your loan. Therefore your co-signer, as stated on your promissory note, will also benefit from your positive repayment history. Any delinquency on your account will also negatively impact their credit history and score. All co-signers will receive a letter informing them of our new service and policy.
Please do not hesitate to contact our office with any questions regarding this matter. I look forward to hearing from you and to continue working with you in the future.
Sincerely,
Director of Lending
back to top
