In the recent past, it has been observed that every year over 700,000 U.S homes enter foreclosure. It is very unfortunate to know how increasing number of people are losing their homes to banks and financial institutions just because they failed to pay the mortgage. A foreclosure can cause a drop of 250 points on an average. For instance, if your credit score is 650, it can go down to 400 because of home foreclosure. Hence, you need to be prepared to defend this problem. Here is what you need to do for foreclosure defense: File a Dispute. Your credit score can take a hit if you have a foreclosure on your credit record. If you feel that the foreclosure information mentioned by your bank is not correct, you can talk to them. According to the Fair Credit Reporting Act (FCRA), you stand a chance to dispute any information that has been mentioned incorrectly in your credit report including foreclosures. All you need to do is file a dispute at the credit bureau or seeking assistance from a professional foreclosure defense group to do it for you. Once the issue has been in solved in your favor, your credit score can rise. Keep track of your disputes. You need to keep track of your foreclosure defense in order to know how it is affecting your credit score. The credit bureau’s duty is to examine your disputes and verify the same. If the credit bureau is not able to do so then the foreclosure information should be removed. This should effectively increase your credit score. Usually, you should get a letter from the credit bureau within 2 months to let you know the end result of the dispute. If you do not get one, you need to place a request for new credit reports and check if the foreclosure information is still mentioned or not. You should get in touch with the credit bureau immediately and tell them to notify you about the outcome of the dispute as soon as possible. Consumer Statement. Your credit score can go down if the foreclosure information is found to be correct by the credit bureaus. Another way for foreclosure defense that may not directly help in bringing up your credit score is to add a statement from consumer to your credit report. You need to state reasons and extenuate circumstances that have resulted in foreclosure. After a foreclosure, it will take a lot of time to get your credit score to a good level. Foreclosure information can remain on the credit record for 7 years. You will be able to remove the information from the credit report only after you send a request for it to the credit bureaus.
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