Foreclosure Credit Repair

The maximum amount of time a foreclosure can be on your credit report is seven years. There are false reports that say a minimum of seven years. This information is wrong; the truth is credit reporting is entirely voluntary on behalf of the lenders. A lender can remove a negative mark from your credit at any point in time and do not have to report the negative mark in the first place.

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 Common reasons for a challenge include; account paid, not my account, information is wrong, item out of date, etc. The credit bureau will receive your letter and probably deem it invalid. This means they will respond with a letter to you requesting more information. This is nothing more than a stall tactic and is used because it only cost bureaus money to conduct an investigation. You will have to send your dispute letter again; if you are persistent you can submit a valid dispute letter. The bureaus will then conduct an investigation into your negative mark. If they are unable to verify the foreclosure then it must be removed from your credit report. Since the housing crisis many lending institutions have gone under or are unwilling to spend money verifying debt. With some luck your listing will be unverifiable. 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 do expect to see some new laws or case precedents emerge from this housing crisis. It is probably in your best interest to hire a service especially if the foreclosure is not your only negative listing on your credit report. You do however have one more option. You can negotiate a settlement agreement with the lender. In exchange for your payment get the lender to agree to remove the foreclosure from your credit report. In sum, items of bad credit do not have to stay on your credit report. You can remove negative items and clean your credit report. For more tips on how to remove a foreclosure from your credit and other negativ marks, or to learn how to proceed with an experian dispute or transunion dispute or for a free credit repair letter visit us.

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