Remove Foreclosures

Ahome foreclosure is probably one of the most trying times in a person’s life; they barely have time to consider what all of it is going to do to their credit profile. You’ve already gone through the experience of losing your home and now you’ll have a foreclosure follow you around on your credit reports for at least 7 years.

How do you go about removing a foreclosure?

There are two ways that you can remove a foreclosure. If the listing is inaccurate in any way, or it’s not even your foreclosure, the first step is to send a dispute letter to the bureaus who are listing it improperly. The bureaus then have 30 days to research the account in question.

You want to make sure that you send your letters by certified mail to be sure that the bureaus actually got them. This also starts the 30-day clock ticking. When you receive a letter back they should have removed it, corrected it or verified it as accurate.

Can the original creditor do anything?

It’s possible to have the original lender for the mortgage agree to stop reporting the foreclosure to the bureaus. This is usually a much more difficult approach since lenders aren’t normally willing to do this. You need to speak to the original creditor if you really want this removed from a credit report.

If you do plenty of other business with the bank they may be more willing to listen to your request. But don’t count on it. Lenders have a habit of not breaking “company policy.”

What if it’s accurate and it’s been verified?

It’s not the end of the world. A foreclosure will start to make less of an impact on your credit scores after about 2 years. And if you’ve been slowly building up new, beneficial credit in the mean time, your credit scores could be better than ever.

For more information on getting foreclosures removed, or help building new credit to offset it, contact My Credit Group for a free credit repair consultation.