Credit Report Explanations
A line-by-line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed.
General/State-Specific
General
Document Description(s)
Submit a line-by-line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge-offs, accounts currently past due, accounts with serious delinquencies in the last 3 years (or as directed), repossessions, loan modifications, etc.
States vary on adverse credit history information/derogatory credit account definitions and additional documentation may be required. Please review State Licensing Checklist Compiler for documents that are required.
File Name Format
Credit Report Explanations – [Sub Name] [Document Creation Date]
Amendments
If making an amendment to an existing document remove old and upload new. If submitting a supplement, add a new document with comment detailing the supplement. If an item remains on your credit report, it should remain uploaded in the document uploads section.
Does Not Include
Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Section of your MU2/MU4 filing.
Upload Location
INDIVIDUAL FILING (MU2/MU4)