A Derogatory Credit Explanation Letter is a crucial document used when individuals need to provide context for negative items on their credit report in Singapore. This document is typically required when applying for new credit, seeking loan modifications, or addressing credit report disputes. The letter must adhere to Singapore's strict financial regulations, including CBS guidelines and PDPA requirements. It should include specific details about the adverse credit event, circumstances leading to it, resolution status, and any supporting documentation that validates the explanation.
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Key Requirements PROMPT example:
Derogatory Credit Explanation Letter
"I need a Derogatory Credit Explanation Letter to explain a missed mortgage payment in March 2025 due to temporary job loss, with documentation of my new employment and the catch-up payments I've made since then."
1. Personal Information: Full name, ID number, contact details, and relevant account numbers
2. Credit Issue Identification: Specific details of the derogatory credit item(s)
3. Timeline of Events: Chronological explanation of circumstances leading to the credit issue
4. Explanation Statement: Detailed explanation of why the derogatory item occurred
5. Current Status: Description of how the situation has been resolved or is being addressed
1. Supporting Documentation Reference: List of attached documents supporting the explanation, used when physical evidence exists
2. Third Party Statements: References to statements from employers, medical professionals, etc., when relevant to the explanation
3. Resolution Plan: Details of payment plans or corrective actions, included when issue is ongoing
1. Payment Records: Proof of payments made or payment arrangements
2. Supporting Documents: Medical records, employment records, or other relevant documentation
3. Credit Report Extract: Copy of relevant section from credit report showing the derogatory item
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