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ForrestGump 发表于 2010-8-24 15:26

How Long Does a Foreclosure Stay on Your Credit Report?

By law, a home foreclosure can stay on your credit report for a period of up to seven years. It will show up under the "Public Information" section of your report, which lists any legal judgments that have been made against you (to include a court-approved foreclosure).

The next logical question that most people have is, "How will a foreclosure impact my credit score?" So I'll go ahead and address that one too. Having your home foreclosed upon by a lender will do serious damage to your credit score. As far as your credit history goes, it's one of the worst things that can happen. So if at all possible, you should try to avoid foreclosure altogether.

Now, a foreclosure won't destroy your credit forever. I started this response by explaining it can only stay on your credit report for up to seven years. And even during that seven-year period, it's possible to improve your score (after the initial damage has been done). That's because the foreclosure will have less of an impact on your overall score as time goes on.

People often write us and ask, "How many points will my credit score drop after the foreclosure process?" It's impossible to make an exact prediction, but your score will certainly take a hit -- and a big one at that. So avoid it, if at all possible. And if you can't avoid it, then create a plan to start rebuilding your credit after the foreclosure hits your report.

王平 发表于 2010-8-24 23:17

[b]回复 [url=http://www.chineseinvegas.com/bbs/redirect.php?goto=findpost&pid=2110&ptid=1364]1#[/url] [i]ForrestGump[/i] [/b]


    It' good to know.  Thanks!

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