Remove a Foreclosure From Your Credit Report
Ready to discover how to remove a foreclosure from your credit report?
If you have experience removing a collection or a late payment, you will recall it didn’t take too much effort. Removing a foreclosure from your credit report isn’t always that simple. Use the three steps below to begin the removal process. If for any reason you’re unable to remove the foreclosure, contact Better Credit. We continue to have successful results helping clients get remove a foreclosure from their credit reports.
Step 1: Verify Your Report Is Accurate
Check your credit report from all three credit bureaus: Transunion, Experian, and Equifax. Look for the foreclosure entry and verify the information is accurate.
Check for Errors
It is common for banks and lending institutions to make mistakes on credit reports. Ensure that you review your credit history carefully and remove any errors as quickly as possible. You may find that it is easier to remove a foreclosure older than seven years than a foreclosure entered 12 months ago.
BetterCredit advises you to contact the issuer immediately and request that they remove the foreclosure from your record. They will likely require you to submit formal documents. Get clarity on exactly what they are looking for, and if necessary, request that they email you any documents you need to fill out.
The entire process can be hard to restart your credit history and restore your live post-foreclosure. If you face difficulty with getting approval for necessities, contact Better Credit today and speak with one of our credit repair experts.
Look for the following items:
- Date opened
- Lender name
- Current Balance
- Account number
- Additional errors
Write down any details that are incorrect, then file a dispute with each of the credit bureaus. Within 30 days of submitting your dispute, these agencies will verify your information and correct any errors.
Step 2: Request the Financial Institution Remove the Foreclosure
Some of our clients find that the credit bureaus do not move forward with removing foreclosure entries from their credit reports. If you are in the same situation, contact the lender and demand they remove the foreclosure from your report. After 30 days, review your report, and if they have not removed the entry, move on to step 3. Sample letter here.
Step 3: Seek Help: Use Better Credit
The longer a foreclosure is on your credit report, the riskier it appears to lenders. You may be similar to the majority of our clients who are in a hurry to get foreclosures off their report. For this we suggest you check out what BetterCredit can do to remove a foreclosure from your credit report.
Understand that your daily life is a direct reflection of your credit score. If your credit history reports several a foreclosure, along with delinquencies the longer you are at risk for:
- Unfair hiring practices – employers weed out candidates with low credit scores
- Higher/lower insurance rates – based on your credit report
- Approval/disapproval for utilities
- For other services – internet, cable, cell phones, etc.
Another common practice is for landlords to screen potential renters based on their credit report. This factor can create a difficult situation for renters to find an adequate environment to live.
Foreclosures can create multiple challenges beyond the initial foreclosure. Moving into a new home or apartment requires a credit check and approvals for water, garbage and electricity — all of which are based on your credit score.
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