Goodwill Adjustments to Credit Reporting

[Melinda]

We get many requests for “goodwill adjustments” to credit bureau reports. For example, a long time loan customer has a family emergency and misses a payment. I’m interested to know what other banks do in these situations. Are adjustments ever made? Do you have details in policy/procedure that address adjustments to accurate information – regardless of your bank’s stance?
Thank you for your responses!

[mdesso]

SMC has not seen any clients making goodwill adjustments if the information is accurate. Goodwill is typically considered in the underwriting process wherein the applicant will write a letter explaining the late payment(s) or other negative information on their credit report.

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