How To Clean A Foreclosure History Off Your Credit Report

If you have been foreclosed on, you are going to struggle for the next few years to find financing for any sort of loans regardless of the size

. This will be the case until the foreclosure was a number of years in the past.

In most states, foreclosure will remain on your credit report for 7 to 10 years. During this time, it will be very difficult to gain another mortgage from any lender. You are considered a very high risk and most likely to default on another loan. There are sub-par lenders who may be more willing to grant a loan to you, but these loans tend to be high interest. Renting a home can also be a problem for those with foreclosure on your credit history.

You will normally need to wait for seven to ten years before your credit history is clear of the foreclosure. Sometimes foreclosures have remained on credit reports for longer than this.

Writing letters to your creditor and reporting agencies should help clear this problem up if it occurs. Make sure to keep other debts and accounts current with monthly payments on time, including any new mortgage payments.

Download a copy of your credit report and scan it for errors such as old debts or your personal details.

If there are errors, write to the mortgage company and credit bureaus with the corrections. These companies by law must respond within 90 days of receiving your request.

You might want to try a credit repair company to get the foreclosure off your credit. The longer it is on your credit report, the easier it is to take off.

Credit repair companies use the Fair Credit Reporting Act to dispute any discrepancies in your report to have the foreclosure removed. Of course, if you do your own research you can do many of the same things these companies can do for free.

These companies can charge a large fee and it's not always possible for them to get the foreclosure removed until the time limit is up.

The best thing you can do is to focus your effort on building up your credit rating by keeping your current debt low, making the monthly payments and trying your best to establish new credit.

by: Jared Wright

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