Facing a foreclosure is not less than facing a bankruptcy which is a painful experience. Some folks have so much affection with their houses but due to failure of payments bank took back their houses. Losing a house is not less than losing one of the main parts of body. Foreclosure is the worst enemy of credit score, due to it you will not only lose your home but is will also bring down your credit score.
These items are required to legally remove from your credit report as soon as possible. You may have heard that negative items would stay on your credit report for seven to ten years. When you try to contact with credit bureaus they also insult you by saying you have no other option rather to wait for ten years. You are bearing double punishment, you lost your home and as well as your attractive credit repute for ten years.
With the foreclosure entry on your credit report no bank would like to take a risk on you. Removal of foreclosure is possible now. No minimum limit is described by the government for a negative item to stay on your credit report. If you are able to agree credit bureaus then removal of foreclosure is possible before the time.
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.
Check out more on credit repair companies and see how to find credit lawyers.
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- Ways to Remove a Foreclosure from Your Credit Report
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