Like charge offs and other judgments facing a foreclosure is a painful experience. Some people have strong bonding with their homes but the bank took back their homes due to failure of payments. Losing a home is likely losing a perfect working part of your body. Some items like late payment do not affect your credit score but due to foreclosure you will not lose your home, it will also affect your credit score.
Your proper attention and proactive approach is required for the removal of foreclosure from your credit report. It is true, negative items would remain on your credit report for seven to ten years. Credit bureaus will not help you in this matter, they only insult you can say you have to wait for ten years. It is like a double punishment, you lost your house as well as your attractive credit score.
No bank would like to give you a loan if you have foreclosure entry on your credit report. Many folks give up in such type of situation but you may remove it from your credit report. Government has not mentioned any minimum limit for a negative item to stay on your credit report. Government has only mentioned maximum limit which is ten years and credit bureaus can remove it when they agree.
Removal of negative items is possible you can do it by yourself if you have complete familiarity with laws and regulations that regulate credit reporting industry. FCRA is the law which protects consumers against credit bureaus in the matters of credit repair.
All the three credit bureaus are working under this law and cannot include a wrong item in anyone’s credit report. You can also take help of credit repair firms to fight with credit bureaus if you are looking for instant results. In case you have found any misleading or falsified information in your credit report, you can immediately report to the relevant authorities in order to take a legal action against them.
Learn more about credit fix and see how to hire credit lawyers.
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