How Can Foreclosures Affect My Credit?

Foreclosure is when lenders take back properties when homeowners fail to make payments on a mortgage, and it’s one of the items that are most challenging to remove from your report. Similar to bankruptcies, removing it from your credit report and repairing your credit score will take time and patience. 

For borrowers with a decent credit score, a foreclosure can drop your score by over 100 points. However, if you have a higher score, a foreclosure could reduce it by as much as 160 points. When this happens, getting a new loan or credit account will become more challenging, leaving a financial burden.

How Long Until a Foreclosure Appears On My Credit Report?

Foreclosures usually appear on a credit report within a month or two after lenders initiate foreclosure proceedings. These entries will remain on your credit report seven years from the time of your first missed payment, leading to the foreclosure. During this period, expect your credit score to plummet. 

Although foreclosures can remain on a credit report for several years, it can take as short as months to fix your credit report and restore your credit score. Here at The Oasis Firm, we can help you do just that!

What We Can Do For You

One of the best ways to resolve foreclosures is by finding the discrepancies. To do this, you must provide all documentation supporting your case. What we can do for you is check for any misinformation or inaccuracies on your credit report – providing a way to fix negative reporting. 

These errors could be anything, ranging from the balance to dates associated with the account and any other information that we can find on the report. We will then dispute this for you and burden the credit bureaus to prove that they are reporting 100% accurate information. Otherwise, these credit bureaus are required by law to remove it.

As the best company to help fix credit in Florida, let our experience and commitment empower your financial freedom – and book an appointment with The Oasis Firm.

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