by John Cooper,
published: Monday November 3, 2008
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word count: 382
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on the net: http://www.707creditscore.com
UNITED STATES, Nov 03 — 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.In sum, you do not have to just live with bad credit
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here 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.
I suggest the first step you take is to dispute the listing with the credit bureaus. This is done through a dispute letter sent to each credit bureau.
In this letter you are challenging the accuracy or validity of the foreclosure. You must include the reason the mark is wrong for example; item is out of date, amount is wrong, not my account and etc.
It is common for credit bureaus to deem an initial dispute letter invalid. They will respond and ask you for more information about the dispute. This is a common stall tactic for the bureaus. They use this because it only costs them money to conduct 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 do expect to see some new laws or case precedents emerge from this housing crisis. It is probably in your best interest to hire a service especially if the foreclosure is not your only negative listing on your credit report.
There is one last option. You can negotiate a settlement offer with the lender. You must negotiate that in exchange for your payment they will remove the foreclosure 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.
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