Phoenix Credit Repair
Ever asked these questions before? Good because you are not alone.
“Can credit repair actually remove foreclosures from credit reports?
“How long does a bankruptcy stay on my credit report”
“How long does a foreclosure stay on my credit?”
“Short sales take more than 90 days, how will that affect my credit score?”
“Does a short sale hurt my credit?”
“How does a foreclosure affect my credit score?”
… there are many more so don’t fret if I didn’t mention one.
First, the answer is yes, a short sale and foreclosure will impact your credit score. A foreclosure will affect your score more and will stay on your report longer than a short sale.
Short Sale:
- Minimum of 200-300 point reduction to your FICO score, depending on the borrower.
- Minimum 24 month wait before obtaining another mortgage.
Foreclosure
- Minimum 200-300 point reduction to your FICO score, depending on the borrower. (What do you know it will almost be the same as a short sale).
- 7 years it will stay on your credit report. Minimum 24 month wait before obtaining another mortgage. Even obtaining a standard interest loan will be difficult.
Bankruptcy:
- 7-10 years it will stay on your credit report. A huge hit to your credit score, probably the same as a short sale or foreclosure
The solution:
Your credit will get hit no matter what you do. That’s where you need to know some things that they don’t tell you.
The FCRA (Fair Credit Reporting Act) requires certain steps to be made by creditors before reporting an item on a credit report, and if a creditor misses one or more of these steps (which they often do), the FCRA will not allow the item to appear on the credit report. This includes unverifiable information, clerical errors, mistaken identities, etc.
Simply put, if there are inaccuracies in your credit report negative items such as a short sale, foreclosure, late payments (30/60/90 day lates) and sometimes even your BK can be removed from your credit report. This is not illegal! The FCRA requires conditions beyond accuracy for your benefit and creditors must abide by them or face having the negative items they have on you to be deleted. To delete those items you must request that they verify the information that the creditors provided. I’m not saying all of them will be deleted, but from my experience a good portion of them do. You can attempt to verify information on your credit report one of two ways:
- By yourself
- Have a professional credit repair company do it for you
This alone will not raise your credit score. There are other things that you must do to accomplish that.
When you want to purchase your next home don’t use hard money lenders who charge ridiculously high interest rates for bad credit applicants. Your post-short sale or foreclosure situation should not be taken advantage of and there are other options before you should even consider doing that. Remove negative items using our lawyers, raise your FICO score and obtain a standard, low interest mortgage when purchasing your next house.
Credit Repair & Deletion:
Start with a clean slate. It will take time. Everything does, but you will be happy with the results. With the help of one of our partner law firms, it is possible to remove foreclosures from credit reports, as well as short sales and other negative items.
—> Use this link to access the Credit Deletion section of this website and repair your credit today
Do your due diligence and listen to all the angles before you make your decision. You should feel good when you are repairing your credit, but like I mentioned before it just takes time. Rome wasn’t built in a day.
