Welcome to ShortSaleCredit.com, a website that talks about short sales in detail and the home of the 6 step system to legally remove short sales and foreclosures from credit.
There is no upfront fee. We get paid on results. Contact us for more info.
What can I do to fix my credit after foreclosure or short sale?
QUESTION: How long does foreclosure have to be reported in a credit report?
Please remember the following: It is the creditors who can do the deletion for you!
You can begin with a dispute of the item and if the bureaus report back that the account is a “verified” item does it mean the bureau reviewed loan docs with signatures and personally verified the account??? NO- what It means is that somebody over at the creditor got a message from the bureau they then looked up the info in their electronic network and said “yes, this is accurate, or we verify this account”. But you still don’t know if it was verified in fact, since computers and information get mixed up all the time and no one ever pulled the file from cold storage…
If the creditor can’t VERIFY the account, it CANNOT be in your report. (period)
The FTC has a crucial statement in “A Summary of Your Rights Under the Fair Credit Reporting Act”:
So you can challenge the method of verification and the bureaus will delete the item, right?? WRONG. That’s fantasy- not reality. See reality below
In this opinion letter from the FTC we learn that if you are not satisfied with the response of the CRA, because you don’t feel like they researched the account adequately, (and they don’t- due to sheer volume) you can work with the creditor to get resolution and if necessary can sue them for damages.