Sample: Letter of explanation regarding inquiries appear on credit report

Letter #1: This is a simple letter:

The reason why xyz, abc, mpo appears on my credit is because I was shopping around for the best interest rate. No new account is opened as a result of the credit check. Thank you.

Sincerely,

Borrower’s Name
Signature Date

Letter #2: This one will result in additional information required by lenders:

The reason why (example) Chase, American Express, Home Depot ran my credit is because I open an interest free account with them. GMC ran my credit because I recently purchase a brand new car with them. Thank you.

Sincerely,

Borrower’s Name
Signature Date

If letter #2 applies to you, get ready to provide a copy of statements from all those creditors. Banks will need to add the monthly obligationĀ appears on those statementsĀ into your debt ratio and determine your qualification for the loan.

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