Delray Beach, FL (PRWEB) October 21, 2010
NationalCreditReport.com, a leader in credit report, credit score and credit monitoring services, advises consumers that a favorable credit history can help a consumer acquire good interest rates on loans, but credit report damage as a result of a foreclosure can last for more years than they might think.
“We’ve said before that housing and credit scores go hand-in-hand,” said Samuel S. Ambrose, Vice President of Marketing and Operations of NationalCreditReport.com. “When a bank forecloses on a home, it is noted in the homeowner’s credit file. This negative mark will remain there for several years and make it difficult for that homeowner to secure other loans or lines of credit.”
So one might ask, “How long does a foreclosure stay on my credit report?” A foreclosure can remain on a credit report for seven to 10 years. A foreclosure’s affect on one’s credit score can cause credit report damage even if the consumer starts out with a high score. Essentially, a foreclosure takes place when a bank goes through the process of terminating the mortgage and regaining the property of a borrower who defaults on payments. As a rule, missed payments to creditors and lenders result in credit report damage. In the case of something as severe as a foreclosure, the credit report damage is especially ominous.
Unfortunately, many of those who are forced into foreclosure will now need to rent a place to live and foreclosure’s affect on one’s credit score can affect whether they are able to get a rental property. Often, the potential landlord will do a credit report check, with the renter’s approval, to assess whether they have made timely payments in the past.
For many, foreclosure's affect on their credit score will stick with them for at least seven years. When the time comes for the foreclosure to be removed from a credit file, the credit reporting agencies may still report on it. The consumer should begin the process of getting the foreclosure removed from their credit file by writing letters to the credit reporting agencies that are reporting it.
Since 2004, NationalCreditReport.com has specialized in providing credit information and credit monitoring services to consumers to help them understand their credit report and score. NationalCreditReport.com encourages consumers to check their credit report on a regular basis.
# # #