How to Dispute a Foreclosure on Your Credit Report

If you ever came across a foreclosure, then you must know that this information shows on your credit report. For the new lenders, it will be a point of hesitation for them to say yes to your loan. According to the Fair Credit Reporting Act, foreclosure can persist on your financial statement for a time frame of seven years. In case you have a foreclosure on your financial statement then you have the right to file a dispute against them with the three credit bureaus.

First and the foremost, you are required to obtain a free copy of your credit report from the three credit bureaus. When you get your credit reports, review them carefully. If you see a foreclosure that is not yours then you need to file a dispute with the agency. Repeat the procedure with all the agencies that shows a foreclosure on your financial statement.

If it is necessary, then you may file a dispute online with the credit bureau. With the help of the online form, you will be able to specify the foreclosure that you are disputing and along with the reason. Your dispute can be filed to a customer service agent over the phone.

If you're disputing via mail, then write a letter explaining the reason for dispute along with any documentation to support your query. Now you need to wait for the credit bureaus to get back to you with a result.

According to the Fair Credit Reporting Act, credit bureaus are given up to 30 days to inspect your dispute and update your credit file, if needed. If you filed your dispute online, you may get your reply via email or in case you filed a dispute over the phone or by postal mail, then you would receive your reply via mail.

Source by Natalie JJ Johnson

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