A court-ordered foreclosure is a scary ordeal. What can you do to protect your home (& your credit)? While you have options, verifying and disputing inaccurate foreclosures is a good option. You can dispute mistakes yourself; it's easier w/help from a reputable credit repair company like Credit Glory.
What is a judicial foreclosure (& what does it mean for your credit)?
Facing a judicial foreclosure is scary. It means that you have fallen so far behind on your mortgage that the lender is getting a court-ordered foreclosure. It gets worse. Foreclosures are bad news for your credit, and stay on for 7 years! This makes qualifying for loans (or buying a new home) difficult. The loans you do qualify for often come with high (& expensive) interest rates. Not good!
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 - A foreclosure may show 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 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.
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!
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.