The Fair Credit Reporting Act (FCRA) gives every consumer the right to make a brief statement about their credit report and, specifically, negative listings. However, many think that this will help their credit history. Actuality: It will make it worse.
Let me explain. To see, only automated systems will likely judge your credit report. Your score is your score. Further, when you add your 100 word statement to a listing you almost certainly admit guilt. Even if your reason is “the reason why I was late on a payment was due to a bank error.” You have just admitted that you were late on the payment! You actually make it harder for credit restoration companies to repair your credit with these listings on file.
You’ll hear from a lot of credit restoration companies that it’s a good idea to explain your side of the story for every negative item on your credit report. This is just simply not true. Your explanation will likely have no effect on the creditors profile of your credit worthiness.
If you have already made 100-word statements, then you need to inform your credit restoration company of this in advance so they can get removed from your report and the credit repair process can be begin.