Foreclosure: How To Keep It From Destroying Your Credit
Have you recently gone through a foreclosure and are left with the devastating marks of a foreclosure on your credit report? Right now you may be feeling helpless at the chance to own a new home again. It most cases the effects can last a long time and keep you from getting a dream home again. However, it does not have to remain on your record permanently. You can take a proactive approach to restoring your tarnished credit history and increasing your scores immediately.
A foreclosed filing can remain in your credit history for a period of 7 years by the provisions of law. However, the current laws on the books state that you are allowed to dispute the information in your credit report related to your foreclosure. This gives you a fighting chance and serves as an open door to start rebuilding your credit. One of the most important things you can do as a consumer is to become knowledgeable of the current state and federal laws that govern the rights of consumers. Never assume anything when it comes to questionable information in your credit files. The laws are on your side, thus empowering you to challenge any information you deem necessary.
Most of the information you will need can be obtained for free on the Internet. Start by conducting a search online looking for the most up-to-date consumer protection laws relating to consumers losing their homes. This is a great place to start. The Federal Government has a website solely devoted to the governing laws, policies and regulations for the credit reporting industry and as well as the rights of consumers to protest.
Additionally, look into a few credit repair companies. Start by researching the top 5 and evaluate the services they offer. In your evaluation, see how many consumers they have helped with issues related to repairing one’s credit after a foreclosure. Call at least 3 over the phone and interview the representative. This will give you a good sense of how well they are capable of assisting your with your credit needs. Take action now, and you will be well on your way to repairing your credit and owning a home again. It is the American dream so never give up.
