How to remove a foreclosure from your credit report
Unlike removing late payments and collections, it can be a challenge to remove a foreclosure from your credit report without the aid of a professional. That being said, it is possible if you follow the 3 steps I’ve discussed below.
In order to follow these steps, you’ll need a current copy of your credit report. I use Transunion to track my credit report and score but feel free to use whatever service works for you.
Step 1: Look for inaccurate information on the foreclosure entry
By now you should have a credit report from all three of the credit bureaus: Transunion, Experian, and Equifax. Find the foreclosure entry and closely look for any inaccuracies.
Here are a few things you should be looking at:
- Date opened
- Account number
- Lender name
- Anything else that might be an error
If you find any inaccurate information, be sure to write it down.
Next, you’ll want to dispute the entry with all three of the credit bureaus. They’ll have 30 days to verify the accuracy of the entry and either correct it, or remove it from your credit report.
Step 2: Demand that the lender remove the foreclosure
If disputing the entry with the credit bureaus doesn’t result in the foreclosure getting removed from your credit report, your next step should be to write the lender stating that the foreclosure entry on your credit report is inaccurate and demand that they remove it. You can get a sample letter here. Again, give them 30 days to remove the foreclosure before taking further action.
Step 3: Seek the help of a credit professional
You might be the type of person who just wants to get the foreclosure removed as quickly as possible and not deal with the hassle. For this I suggest you check out Lexington Law Credit Repair. They’ll take care of you. Check out their website.