There is information out there that says a foreclosure will remain on your credit report for a minimum of seven years. The truth is a maximum of seven years.
These reports are false, did you know that credit reporting is entirely voluntary. A lender does not have to report a negative mark on your credit file and can remove one at any time.
I would first recommend that you dispute the listing directly with the credit bureaus. This is done by mailing a dispute letter to each credit bureau.
In this dispute letter you are challenging the validity or accuracy of the foreclosure. Common reasons for a challenge include; account paid, not my account, information is wrong, item out of date, etc.
Credit bureaus will often deem your first dispute letter invalid. They will respond by requesting more information about the dispute. This is a stall tactic; it costs the bureaus potential profits to hold an investigation.
Thus you repeat the process and if you are persistent you have a good likely hood of getting a dispute deemed valid. Then the bureaus will conduct an investigation.
Since many lending institutions have gone under because of the housing crisis and the ones that did not are financially strapped there is a good chance your foreclosure will be unverifiable. If this is the case the mark must be removed from your credit report.
If it is verified or you are having trouble getting a dispute letter deemed valid by the bureaus I suggest you hire a credit repair service. They will often have credit attorneys on their payroll with an expert understanding of the credit laws and they can use advanced dispute tactics.
We expect some new case precedents with the increasing number of individuals going through foreclosure. Thus it may be in your interest to hire a service, especially if the foreclosure is not your only negative mark.
There is one last option. You can negotiate a settlement offer with the lender. You must negotiate that in exchange for your payment they will remove the foreclosure from your credit report.
In sum, you do not have to just live with bad credit. You can have inaccurate or invalid negative marks removed from your credit report. - 15224
These reports are false, did you know that credit reporting is entirely voluntary. A lender does not have to report a negative mark on your credit file and can remove one at any time.
I would first recommend that you dispute the listing directly with the credit bureaus. This is done by mailing a dispute letter to each credit bureau.
In this dispute letter you are challenging the validity or accuracy of the foreclosure. Common reasons for a challenge include; account paid, not my account, information is wrong, item out of date, etc.
Credit bureaus will often deem your first dispute letter invalid. They will respond by requesting more information about the dispute. This is a stall tactic; it costs the bureaus potential profits to hold an investigation.
Thus you repeat the process and if you are persistent you have a good likely hood of getting a dispute deemed valid. Then the bureaus will conduct an investigation.
Since many lending institutions have gone under because of the housing crisis and the ones that did not are financially strapped there is a good chance your foreclosure will be unverifiable. If this is the case the mark must be removed from your credit report.
If it is verified or you are having trouble getting a dispute letter deemed valid by the bureaus I suggest you hire a credit repair service. They will often have credit attorneys on their payroll with an expert understanding of the credit laws and they can use advanced dispute tactics.
We expect some new case precedents with the increasing number of individuals going through foreclosure. Thus it may be in your interest to hire a service, especially if the foreclosure is not your only negative mark.
There is one last option. You can negotiate a settlement offer with the lender. You must negotiate that in exchange for your payment they will remove the foreclosure from your credit report.
In sum, you do not have to just live with bad credit. You can have inaccurate or invalid negative marks removed from your credit report. - 15224
