Eviction after a foreclosure auction is bad news for your credit. Foreclosures stay on your credit report for 7 years & can drop your score by over 100 points! Luckily, there are ways you can start rebuilding your credit (& boost your score). The easiest? Partnering with a reputable credit repair company like Credit Glory.
What happens after a foreclosure auction? (& how it affects your credit)
Foreclosures happen after you fall behind on your mortgage and a lender seizes your home. To recover the money you owe, they can sell your home. Losing your home to a foreclosure auction is stressful, & it has a serious impact on your credit.
Having a foreclosure on your credit report drops your credit score by 100 points or more & stays on for 7 years. Poor credit makes qualifying for new loans (like mortgages) difficult. Your best option is to start rebuilding your credit. The easiest way is by identifying and disputing errors on your credit report. So how do you get started?
How to identify errors on your credit report
According to the FTC, 1 in 5 people have errors on their credit report hurting their score. Finding inaccuracies can be tricky, so what do you look for? Common areas to check for errors include:
- Personal information
- Inaccuracies w/account status
- Fraudulent accounts
- Balance errors
- Data mistakes
Finding these errors is challenging (& time-consuming). Working with a credit repair expert (like Credit Glory) simplifies the process.
What can you 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 and 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 the 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.
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.
Bounce back from a foreclosure 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!
Get Your Negative Items Professionally Removed
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 958-1271 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.
