How to Get a Foreclosure Off a Credit Report

Besides bringing down a FICO score, having a foreclosure on your credit report will also negatively affect your ability to purchase another home. Depending on your state laws, a foreclosure will typically stay on a credit report for seven to ten years. Many lenders will not finance someone who has a foreclosure on his or her credit report. It can also be difficult to rent a home after a foreclosure. To get a foreclosure off your credit report, follow the steps below.

Instructions

1

Wait the seven to ten years for the foreclosure to automatically go off your credit report. Many times creditors will keep reporting the foreclosure after the time limit. Writing a few letters to the creditor and the credit bureaus will easily remedy this situation.

2

Get a free copy of your credit report online and look for errors to remove a foreclosure off a credit report. Many times mortgage companies make errors reporting information. Check your name, address, date of birth, and social security number. If there are any errors, you can write a letters to the mortgage company and the credit bureaus. Legally credit bureaus are required to respond within 90 days. Make sure to send letters to credit bureaus by registered mail, and document dates and information. Remember, foreclosures are difficult to remove because the information is verified closely; however, errors are still made. It is challenging to complain about errors and get a foreclosure taken off your credit report, but with a little persistence, it is possible.

3

Find a reputable credit repair company to get a foreclosure off your credit report. The longer the foreclosure is on your report, the easier it is to remove. Credit repair companies are privy to the methodologies for removing foreclosures from credit reports. They use the Fair Credit Reporting Act laws to dispute information. Creditors by law are required to follow to these laws, and many do not have all the verification necessary to comply with the laws usually because they sold the debt to another company and did not transfer all the information correctly. Credit repair companies find discrepancies that warrant removal of the foreclosure. There are no guarantees, but it is possible.