Re: re: foreclosure on credit record

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Posted by Keith(CA) on September 21, 2004 at 19:10:35:

In Reply to: re: foreclosure on credit record posted by steve on September 21, 2004 at 16:26:51:

: how long after a foreclosure is resolved (home did not go into foreclosure ... outstanding debt was paid off and loan reinstated) does it remain on your credit record ... and is there anything that you can do to indicate that you are reinstated with the mortgage company?

It generally takes a couple years of excellent payment history to rebuild a credit rating. Since you did not go into foreclosure, you are only dealing with late payments on your record. Talk to your lender and ask them to report your current, good-standing status to the three reporting agencies. Also, you can write each of the three reporting agencies yourself and dispute the late payments, or even include a notice in your report explaining why you got into trouble and why you are now no longer a risk.

See the link below for answers about the longevity of credit history blemishes (there's a ton of great info at the Federal Trade Commission).

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: : how long after a foreclosure is resolved (home did not go into foreclosure ... outstanding debt was paid off and loan reinstated) does it remain on your credit record ... and is there anything that you can do to indicate that you are reinstated with the mortgage company?

: It generally takes a couple years of excellent payment history to rebuild a credit rating.  Since you did not go into foreclosure, you are only dealing with late payments on your record.  Talk to your lender and ask them to report your current, good-standing status to the three reporting agencies.  Also, you can write each of the three reporting agencies yourself and dispute the late payments, or even include a notice in your report explaining why you got into trouble and why you are now no longer a risk.

: See the link below for answers about the longevity of credit history blemishes (there's a ton of great info at the Federal Trade Commission).


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