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How Long Does A Foreclosure Affect Credit Score | The 7 Year Rule

The Fair Credit Reporting Act allows a foreclosure to remain on a consumer credit report for 7 years, but under the right circumstances it can be removed earlier.

How Does A Foreclosure Affect Credit Rating

Foreclosure is a legal action that arises from delinquent payments on a piece of property, usually a house.  Due to the fact that it has become a legal matter a foreclosure can have a powerful effect on a person’s credit rating, lowering their credit score by as much as 250-280 points.

A foreclosure normally remains on record for 7 years after the action was first entered into public record.  This can be absolutely life-shattering as a victim of foreclosure not only loses their property, but also becomes ineligible to reapply for a loan for a very long time.

Recovering From A Foreclosure In Less Than 7 Years

While a foreclosure can all but destroy one’s credit, it doesn’t have to be the end of a good credit rating.  In fact, many report that after only 3 years of reestablishing their credit through timely paying habits, they have built their score high enough to receive a new loan with a manageable interest rate.

Another trick that many consumers are unaware of is that they can actually have the bank or lender to remove the foreclosure from their credit completely.  Reporting any delinquencies or foreclosures to credit tracking agencies is the choice of lender, and they can likewise choose to have it removed at any time.

Unfortunately, as there is no incentive for an agency to do so, the removal of the foreclosure report is a rare occurrence, especially for a consumer without an agency to advocate for them.

Finding A Credit Repair Agency

Credit Absolute is one of best credit repair agencies in the United States, and are in a position to fight for their clients to have such delinquencies and foreclosures removed from the record far sooner than the 7 year average.

Contact Credit Absolute now to learn how they can help you recover from foreclosure.

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Baron Adelmann
Baron Adelmann
21:59 26 Oct 17
Derick and his team have helped me tremendously! He explains the process of improving your credit and does all of the work for you! My credit score has improved drastically and I know that I couldn't have done it without the help of Credit Absolute. Because of them, my business has continued to thrive in a way I never thought possible. Thank you Derick and the Credit Absolute Team!
Gabriela Lovelace
Gabriela Lovelace
23:17 30 Jun 17
I want to thank the wonderful team of Credit Absolute for all the work they did in help me clean my credit! They have teach me how to keep my credit clean and how to make it grow! I will be their customer for life and I recommend to anyone who needs help with their credit! Credit Absolute you are awesome!!!!
Sho Sho Smith
Sho Sho Smith
22:31 16 Feb 17
Derek just made my day when I thought my credit was being compromised due to a balance on my late husband's credit card. He checked it out my credit health and assured me that I lost no points and the balance was forgiven. Great news! He gave me pointers on how to get my credit score even higher to put me into the premium level and coached me on getting back on my feet, credit-wise, after my husband's death. A great experience!
Vanity Hernandez
Vanity Hernandez
20:15 19 Jul 16
I was referred to Derick when my credit score dropped 3 points as I was in the process of trying to get a mortgage loan. Derick gave me GREAT advise and also helped confirm all the credit myths I have overheard on how to improve your credit score. Not only did he give me advise, he not once tried to have me hire him like others usually do. Derick was genuine and that's hard to come across with business. :)
Ian Farruggio
Ian Farruggio
19:29 05 Jul 16
Derek was completely professional and offered helpful suggestions to help me improve my credit. He was honest, in that his services were really not needed and helped to point me in the right direction free of charge. If you have any questions regarding your credit, this is the only place to go!!!
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Credit Absolute
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Darwin C.
Darwin C.
2016-11-01 07:26:05
Working with these two has been a fantastic experience. No other way to put it. I'm trying to get all my scores up for an upcoming real estate purchase,...
Tiffany D.
Tiffany D.
2017-02-08 10:54:31
The value of hope and financial freedom is immeasurable, and that is exactly what Credit Absolute has given to me! I have been working with Derick Vogel &...
Henry C.
Henry C.
2017-04-20 11:18:40
I started working with the Credit Absolute team just over 60 days ago. My credit at that time was in the low 500s. Last week I called a mortgage lender to...