Foreclosuresurvivor's Blog

Surviving Foreclosure

How To Get A Foreclosure Off A Credit Report

How To Get A Foreclosure Off A Credit Report
Posted on Nov 24, 2009 in Career & Finance

Foreclosures have a very negative effect on your credit report as said by Fair Isaac Corporation (FICO) this will not allow you to purchase a new home. Depending on state every state has different laws for foreclosure, but foreclosure can stay on your credit report for minimum seven to ten years. Most money lenders avoid financing to someone who had a foreclosure. There is a time limit on how long it can be reported get it off easily with the following steps.

Step 1

Verify your foreclosure information carefully. There is no-obligation report required for three credit bureaus annually. Request for your credit report and verify all the information carefully. Many times creditors keep reporting foreclosures after the time limit. Write letters to the credit and credit bureaus to come up from the situation. You should hold current accounts for other mortgage payments.

Step 2

Note the errors if any in the foreclosure list of your credit reports. Usually banks make mistakes in the foreclosure how to get a foreclosure off your credit reportprocedure when the economy is slowdown and banks are over loaded with paper work. They make mistakes with amount, date, payment history etc. Check out with all your details like address, date of birth and social security number.

Step 3

Report the errors if any, write letter to the mortgage company and the credit bureaus. They have to respond within 90 days. Dispute one error at a time, you can save other errors in case your first dispute gets rejected. You can also file dispute with three major credit bureaus separately. The information in foreclosures is verified closely so they may be difficult to remove but possible with little efforts.

Step 4

Follow the process if your first error is denied by the credit bureau they will investigate your allegations if bank is unable to verify the information they will remove the foreclosure. If the error is removed you will be informed and the credit bureaus will also inform if the dispute is not successful.

Step 5

If still there is foreclosure on your credit report then you have to wait for seven to ten years depends upon the rules and regulations of your state. Or wait for sometime for the legal proceedings for removal of foreclosures from your credit reports. You can also look out for reputed Credit Repair Company to remove your foreclosure off from your credit report. It will be easier if the foreclosure is of long time. Manage your current accounts and make payments on time. Foreclosure Fish maintains its influence in case you are unable to remove your foreclosure. Your score can rebound automatically within two years. Credit Repair Companies also have different methodologies for removing foreclosures from credit reports. They use Fair Credit Reporting Act laws to solve the disputes. Creditors also follow these laws but many creditors do not have all the verification necessary to comply with laws, because they usually sale debt to another company and do not transfer the information correctly.


December 9, 2009 - Posted by | Rebuilding Credit after Foreclosure

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