While short sales can be an option to avoid foreclosure, they still hurt your credit. Short sales can drop your score over 100 points & stay on for 7 years! Luckily, there are ways to start rebuilding your credit. The easiest way? Teaming up w/a credit repair expert (like Credit Glory).
What is a short sale?
If you're behind on your mortgage payments and are looking to avoid foreclosure, a short sale is an option. A short sale is when you sell your home for less than what you owe the creditor. This can help you avoid foreclosure & may satisfy the debt. On the other hand, the creditor may try and get a judgment to collect the remaining balance. Not good!
How long does a short sale affect your credit?
While a short sale doesn't hurt your credit as much as a foreclosure, you will still take a hit. Short sales stay on your credit report for 7 years & sink your score by as much as 160 points! Having poor credit means qualifying for loans (like mortgages) is challenging. Often the ones available come with high (& expensive) interest rates.
What can you do to rebuild your credit after a short sale?
Rebuilding your credit after a short sale is hard work. Luckily there are ways to minimize the impact of a short sale 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 essential 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.
Why repair your credit w/Credit Glory vs DIY?
Removing inaccurate collections (& other errors) helps improve your credit (& boost your score). However, DIY credit repair is a headache. Partnering w/Credit Glory is often a simpler alternative. Why?
- Easier - Making a mistake disputing DIY costs you. Credit Glory helps you build a strong case for disputing inaccurate collections (& boosting your score).
- Saves you money - An unsuccessful dispute leaves you stuck with debt (& poor credit). Credit Glory helps you boost your score — which means saving money on loans (& interest rates).
- Top-class customer support - Credit Glory has best-in-class customer service to answer questions and keep you updated. Credit Glory even offers an industry-leading 100% money-back guarantee (if no errors are removed in the first 90 days).
Start rebuilding your credit today w/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.