Remove a Foreclosure from Your Credit Report

There is information out there that says a foreclosure will remain on your credit report for a minimum of seven years. The truth is a maximum of seven years. These reports are false, did you know that credit reporting is entirely voluntary. A lender does not have to report a negative mark on your credit file and can remove one at any time.

First you will need to get your credit report from the three major credit reporting agencies to see if a foreclosure is on your record. Get your Free Credit Report from Chase.

However I suggest you first try and dispute the foreclosure with the credit bureau. This is done by writing a dispute letter and sending it to each credit bureau. In this dispute letter you must include why the listing is inaccurate or invalid. Reasons why include; account paid in full, not my account, information is wrong and etc.

Credit bureaus will often deem your first dispute letter invalid. They will respond by requesting more information about the dispute. This is a stall tactic; it costs the bureaus potential profits to hold 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.

Since many lending institutions have gone under because of the housing crisis and the ones that did not are financially strapped there is a good chance your foreclosure will be unverifiable. If this is the case the mark must be removed from your credit report.

However if it is verified then I suggest you hire a credit repair service. They have more advanced dispute techniques at their disposal. They also have an expert understanding of credit laws and if necessary can go to court on your behalf.

We fully prepare to see some new credit laws or case precedents come out of this housing crisis. I would recommend a credit repair service to individuals trying to remove a foreclosure. In addition a service will be able to remove any other negative marks on your credit report.

Your other option is to negotiate with the lender. You can make a settlement offer directly with the lender and in exchange have the foreclosure removed from your credit report.

In sum, you do not have to just live with bad credit. You can have inaccurate or invalid negative marks removed from your credit report.