Foreclosures have a long-lasting impact on your credit & stay on your report for 7 years. Can you get them removed? You can if they're inaccurate. You can find & dispute errors yourself, but the easiest way is w/help from a pro like Credit Glory.
How long does a foreclosure stay on your credit report?
Foreclosures stay on your credit report for 7 years, which is bad news. Not only that, they can drop your credit score by as much as 160 points! This makes qualifying for loans and lines of credit challenging & leaves you facing high (& expensive) interest rates. That means it's harder to get a mortgage and buy a new home.
Can you remove a foreclosure?
In some cases, you can. While you can't remove accurate foreclosures, you can dispute (& potentially remove) a foreclosure if:
- The foreclosure is older than 7 years - Expired foreclosure still on your credit report? This can still hurt your credit score. Fortunately, you can have it removed.
- The original lender is out of business - Credit bureaus can't verify foreclosure info from a company or bank that is out of business. If credit bureaus can't confirm the foreclosure, you can dispute it.
- The foreclosure is an error - It's possible that a foreclosure shows up on your credit report by mistake. If you think it might be an error, double check the balance, account info, and lender. Inaccurate info means a likely error, which you can dispute & remove.
Finding these errors is tricky (& time-consuming). Working with a credit repair expert (like Credit Glory) simplifies the process.
What you can do to rebuild your credit after a foreclosure
Rebuilding your credit after a foreclosure is hard work. Luckily there are ways to minimize the impact of foreclosure and start repairing your credit.
- Monitor your credit - Keeping an eye on your credit is an essential step in rebuilding it. It helps you track any progress you make as well as helps you quickly identify any errors and inaccuracies.
- Verify information - According to the FTC, 20% of the population has at least one error on their credit report. Inaccurate negative marks hurt your score. That's why it's important to verify info on your report.
- Check your credit report for errors - Before you can dispute an error, you have to find it first. You can find common errors in personal info, account status, and balance & data mistakes.
- Dispute inaccuracies - Once you have found errors, you can dispute them. This means gathering evidence, writing a dispute letter to all 3 credit bureaus, & waiting.
Bottom line (& next steps)
While you can check your credit, look for errors, and dispute them yourself, it takes time (& hard work). Looking for an easier alternative? Consider working with a credit repair expert — like Credit Glory. They do the work for you, so you don't have to.
DIY credit repair or w/professional help?
While you can check your credit, look for errors, and dispute them yourself, it takes time (& hard work). A simpler alternative? Working with a credit repair expert — like Credit Glory. They do the work for you, so you don't have to.
Build better credit today with help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!