Adding a statement to your credit report

[PhillyGuy]

On your credit report there is a place where you can add a personal statement. Has anyone added a statement explaining their current situation and do you think it helped?

[Pjmax]

I'm not sure what or why you might want to explain? I would think adding more than necessary info to your report might cause additional scrutiny. I would leave it alone, and if it ever comes up offer your explanation verbally. For example: if you are denied for something, call and ask why. If the reason involves what you think may need explaining, OK, but it may be for something entirely different.

I'm not an expert, just my general opinion.

[df04527]

DON'T DO IT!!. It will REMAIN there for years! I've seen it happen, someone put a statement about the reason for BK or something similar and it was 12 years prior and the negative had fallen off the report! They may NEVER remove it either no matter how many times you request it.

Just don't do it.

[justbroke]

I don't see any reason to make a statement. It does absolutely nothing in the scoring mechanisms. As stated, it just leaves your reasons for defaulting on your accounts, in your own words. Most creditors will never see it.

[df04527]

Actually ALL creditors will see it. they are required to display comments to anyone requesting a credit report. In some years from now you will have perfect credit again with no derogs but a consumer statement will tip them off that you did have trouble at one time.

[justbroke]

Actually ALL creditors will see it.

The scoring models do not "see" of care about this statement. As such, unless you cross the scoring model threshold, it will never be "seen" by a human being. If you are borderline, and there is a person performing a manual underwriting, then they can view it (as it would be returned with the full credit summary data). If you are borderline on credit, I suggest letting the underwriter know in advance of any defects in your credit.

I was mentioning this from a "scoring" model. If you fail the score, they won't even look at your report data. (In some circumstances, you could request a reconsideration and have manual underwriting/review, but you could tell them the details anyhow. As such, I'll stand by my statement that the statement provides no real value.)