How long does a foreclosure stay on your credit report?


Foreclosure stays on your credit report for seven years. There is no way to shorten that period. However, older foreclosures do not have nearly as much weight to the credit score as recent foreclosures do.

To offset the hardships caused by foreclosure on your credit report, you will have to take a subprime loan, if you wish to make a purchase. Getting a new loan and working on your credit report (challenging the bureaus to remove wrong entries meanwhile) will eventually reduce the effect of having foreclosure on your credit report.

You shouldn't expect with a foreclosure staying on your report to be able to get prime mortgage loan. Unless, of course, your score dropped from 800 to 600, in which case you would be able to get in the A range and qualify for a loan. Usually, the effect foreclosure on your credit report has over your score can be seen by comparing score prior to and after the foreclosure record.

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