HOW CAN CREDIT B REPAIRED AFTER FORECLOSURE? I HEARD OF SVC THAT CAN GET IT REMOVED FROM CREDIT. HOW? HELP?
How can we correct my credit after the foreclosure. we have listened of the use which can get it private all from your credit repot? Any info upon this?
Posted on November 9, 2009 at 7:36 pm by admin · Permalink
In: Tips · Tagged with: After, Credit, Foreclosure, From, Heard, Help, Removed, Repaired, That
In: Tips · Tagged with: After, Credit, Foreclosure, From, Heard, Help, Removed, Repaired, That
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on November 9, 2009 at 7:36 pm
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The foreclosure can’t be removed.
You took out a loan for a house….did not honor that obligation and pay the loan back – as a result the home was foreclosed. No firm can make that go away and future lenders are going to be wary of you.
The only thing you can do is try to improve your credit. Pay all your bills on time (every bill — every month). Reduce your debt – pay off credit cards, etc. Don’t bounce checks. It may take a few years — but if you are responsible and consistent, your credit will improve.
on November 9, 2009 at 7:36 pm
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Think about it. If bad stuff could be removed, then everybody would do it, and everybody would have perfect credit and credit reports would be useless.
Not only is the defaulted loan in credit bureau databases, but the foreclosure was a legal proceeding, which is going to be in public record databases. I’m sure that there are services that will take your money. but do you really believe they can go into government databases and erase court records?
on November 9, 2009 at 7:36 pm
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Why use a service to get foreclosure off your credit report? You should visit myfico.com forums and do credit repair yourself. No need ot pay money for something you can do yourself.
Its not impossible to remove the foreclosure but highly unlikely. It will stay with you for 7 years. After a year or two, the foreclosure will have less of an impact on your credit score.
on November 9, 2009 at 7:36 pm
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You can use credit repair agency, for example this one – http://freecreditreport.sinfree.net
They will clean lots of such bad stuff from your credit report – and do it much faster than yourself, so your credit will go up fast.
on November 9, 2009 at 7:36 pm
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Only the passing of time will remove the foreclosure. No firm can remove accurate negative info from your credit files…what they CAN remove is money from your wallet.
on November 9, 2009 at 7:36 pm
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I disagree it can be done, eventually not right away. Also you should check into this service first before paying them money, it might be a scam. Just do your homework.
on November 9, 2009 at 7:36 pm
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after a foreclosere they will fioe a lawsuit on the remaining money and come after your wages it willn not go away unless you file bankruptcy or agree ton pay them some money it stays on your crdit for 10 years
on November 9, 2009 at 7:36 pm
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Yes, it can be removed if it meets certain criteria. However, finding a way to make it meet those criteria is where it becomes difficult. That is why we have credit repair companies. Unfortunately, everybody who has bought a do-it-yourself kit over the internet thinks they have the education, training and experience necessary to fix everyone’s credit reports. Unfortunately, everyone’s credit reports are different. Each report has to be dealt with individually and a highly specialized legal attack has to be made to make the dispute work. This is why most people fail at doing the job themselves.
If you want to use a credit repair company please read this article first. I wrote it last year trying to help people keep from falling victim to credit repair scams.
The Truth About Credit Repair: Aren’t They All Scams or Illegal?
This topic is a really hot one right now. People are falling victim to so many scam artists out there who are taking people’s money and offering false hope.
What is credit restoration? It is a means by which one can have negative information removed from one’s credit file by using the more than 300 different laws contained in the Fair Credit Reporting Act (FCRA). If you know how to use and manipulate those laws, you can successfully remove any information from your credit report, even if it is legitimate. This is possible because of many factors, but chief amongst these is that there is no law in any jurisdiction in the United States which REQUIRES information about you be reported for seven minutes, much less seven years. The truth is that anyone can write to the credit bureaus to have negative information removed from their file. But, like fixing your car’s engine, it is usually better to have a professional do it for you. If you don’t know what you are doing, you can end up doing more harm than good.
That is easier said than done. Currently in the United States, there are ONLY A FEW legitimate credit restoration companies. Each has their strengths and their flaws, but they are professionals with many years of experience backing them up. Unfortunately, this cannot be said about most people in the country who are performing credit repair. What has happened in many cases that I have investigated is a person bought a do-it-yourself kit over the internet and had some success with their own credit file. Problem is, now they think they can repair anyone’s credit. This is what worries me most. An untrained, unlicensed, un-bonded and uninsured person handling other people’s credit files. There is absolutely NO accountability if, or rather, when this person screws things up.
It is up to you to do the research. You should ask a lot of questions and perform your due dilligence. If you can’t do the bare minimum to protect yourself, then don’t come crying to me if you are taken for all of your money. But, to help you determine the scams from the legits, I have compiled 10 tips on how to tell the difference:
1: If they advertise that they will repair your credit in anything less than 18 months, you are not dealing with a legal company. The LAW requires that any credit restoration agency cannot advertise or represent that they can restore or repair your credit in less than 18 months. (Remember this number, it is going to come up again later.)
2: Check on how long the company has been in business. If they have been around for more than 10 years, you are probably dealing with a reputable company.
3: Do your due dilligence. Check with the BBB. The BBB will provide an unbiased report of how many complaints have been filed against the company in the previous three years. There are two things that you want to consider here. First, if there are more than a dozen complaints over the previous three year period, then this company has serious issues and you should be concerned. Also, if the BBB has no file at all on the business, just walk away from the business. Anyone who is hiding from the BBB should be looked upon with suspicion.
4: Ask for pricing when talking to one of their reps. If they hem and haw about what they charge, or say that it depends on how much they have to remove from your report, they are hiding something from you. A good rule of thumb, if the rep is unwilling to answer any question of yours up front and with honesty, you are not dealing with a legitimate company. This does not mean that if the rep states that they will answer the question in a moment, that they are hiding something. It just means that they are getting there and just need to lay a little groundwork first. Remember, reps are all salespersons. They are there to sell you their service. This is good, believe it or not. This encourages competition in the business and keeps costs down. (Which reminds me: DON’T PAY MORE THAN $1200 PER PERSON FOR THE SERVICE.)
5: Ask if the company is licensed, bonded and insurred. Ask for proof. If they will not provide you with their bond information, (which they MUST have in order to obtain their license and insurance) this should raise alarm bells.
6: Ask for examples of successes the company has had. A legitimate company will have copies of investigation results (with personal information blacked out of course) that will show you how successful they can be.
7: How long are they going to work for you? Yes, that’s right, remember that these companies work FOR you. If they are just going to maintain a business relationship with you for the length of time it takes to repair your credit, beware. What often happens in these cases is that after the company has cleared negative information from your credit report they sever their relationship with you and a couple of months later the information returns to your credit report. Now what are you going to do? Your options are to leave the negative information and suffer for 7-10 years or hire someone, again, to remove the information, again. A reputable company will stay with you for the FULL 18 months (I told you this number would come up again). This allows them to continuously monitor your credit reports and remove any negative information that may re-insert itself after the initial sanitizing.
8: What other services do they offer? If they are a legitimate company, they will have rescources that will help you to re-establish yourself in the financial world. Things like the ability to help obtain a debit card even if you can’t open a checking or savings account. (Yes, believe it or not, it can be done!) Can you call their credit advisors any time for advice? Is legal representation available if you have to go to court against the credit reporting agencies? ASK! If the company is letgitimate, they will have a team of lawyers that will handle these kinds of legal matters for the duration of your contract.
9: Does their contract advise you of your rights? If not, why? Because they don’t know the laws! And if they don’t know the laws that are designed to protect you, how can you expect them to know the complexities of the Fair Credit Reporting Act which has over 300 laws?
10: Is there a money back guarantee? In this business refunds are usually prorated. In other words, if you have 50 negative things on your reports and they can only have 30 removed, you are refunded 40% of your money since they were able to get 60% of the information removed. If there is no money back offer, run away! A company that has faith in their services will offer to refund the money if they can’t do the work.
I hope this information helps people out there who are confused about credit restoration programs.
If you have any furhter questions regarding this or any other credit issue, please feel free to contact me at nebula7693@yahoo.com