How To Remove A Foreclosure From Your Credit Report?

When compared to removing late collections or payments, removing foreclosure from your credit reports will be challenging. In fact, it requires patience and time. You may dispute it, but you’ll have the right documentation to show that it doesn’t belong on credit reports. However, it might be possible to remove a foreclosure from your credit report once you follow the steps below.

Get Your Credit Report

The first step you should do is to get a copy of your credit report from credit reporting agencies. By law, you’re entitled to get a free copy of credit report every year. Once you got your credit report, find the foreclosure notation under the section of Public Records.

Consider Professional Help

Credit repair companies might be your best resource to get a foreclosure removed from your credit report if you don’t want to dedicate time and effort to complete the entire process. It’s helpful to have somebody on your side who works on cases like yours and familiar with intricate details that are related to the process. For instance, a credit repair company is more likely to know what kind of documentation is needed to win disputes.

Begin A Credit Dispute

To address any possible errors you found, make sure to begin with a credit dispute. If there are some errors on credit bureau reports, it’s wise to file a dispute with every bureau.

Write dispute letter to all credit bureaus in question, which includes information on the reasons why you’re challenging data, makes a request for the information to be removed or updated, and provides proof.

If you don’t know how to write a dispute letter, there’s a sample letter from Federal Trade Commission you can use.

Contact Lenders Directly

If the first step doesn’t work, you have more ways to try and remove your foreclosure. The next thing you can do is to write directly to mortgage lenders who initiated the foreclosure proceeding. Just like you did with credit bureaus, cite inaccuracies listed on credit reports. Be flat-out and forceful tell them to eliminate then entry within a month.

More often than not, the lenders can’t verify information due to poor record keeping, particularly if debts have been passed around to different collectors. Alternatively, they might be very busy to make it policies to investigate each single verification request that comes through their doors.

Either way, you can benefit from such scenarios through getting your foreclosure eliminated from your credit reports directly by lenders. As with any credit disputes, ensure to keep the paper copies of every communication between you and the lenders. It helps clarify agreements that might be called into question in the long run.

It’s a painful process to go through foreclosure. Trying to get credits after foreclosure will make everything worse. Complicated rules will keep good people from moving forward. Bad credit scores limit access to the opportunities that good credit can offer. You can reduce your pain by boosting your credit score.

Getting rid of foreclosure will help your credit. The rules are a bit complex. Undertaking the effort needs a lot of time and knowledge. Even the most knowledgeable individuals may not eliminate a foreclosure from credit reports. This must not stop you from finding ways to enhance your credit.