How to Get a Foreclosure Off a Credit Report

Besides bringing down a FICO score, having a foreclosure on your credit report will negatively affect your ability to purchase another home. Depending on your state and laws, a foreclosure will typically stay on your credit report for seven to ten years. Most lenders will not finance someone who has had a foreclosure. It can also be difficult to rent a home after a foreclosure. To get a foreclosure off your credit report, follow these steps.

Difficulty: Challenging

Instructions

1. 

   Wait the seven to ten years for the foreclosure to automatically go off your credit report. Many times creditors will keep reporting the foreclosure after the time limit. Writing a few letters to the creditor and the credit bureaus will easily remedy this situation. Make sure to keep all your other accounts current especially other mortgage payments.

2. 

   Get a free copy of your credit report online and look for errors. Many times mortgage companies make errors reporting information. Check your name, address, date of birth, and social security number. If there are any errors, you can write a letters to the mortgage company and the credit bureaus. Legally credit bureaus are required to respond within 90 days. Remember, foreclosures are difficult to remove because the information is verified closely; however, mistakes are still made. It is challenging to complain about errors and get a foreclosure taken off your credit report, but with a little persistence, it is possible.

3. 

   Find a reputable credit repair company to get a foreclosure off your credit report. The longer the foreclosure is on your report, the easier it is to remove. Credit repair companies are privy to the methodologies for removing foreclosures from credit reports. They use the Fair Credit Reporting Act laws to dispute information. Creditors by law are required to follow to these laws, and many do not have all the verification necessary to comply with the laws because usually they sold the debt to another company and did not transfer all the information correctly. Credit repair companies find discrepancies that warrant removal of the foreclosure. There are no guarantees, but it is possible.

Tips & Warnings

• If a credit repair company guarantees the removal of negative information from your credit report, they are most likely not a reputable company.

Resources

• How to use credit repair services
• How to understand my credit score

[melwetzel]

on 2/17/2009 Good resources, thanks for the tips