Like charge offs and other judgments facing a foreclosure is a painful experience. Some people have strong bonding with their homes but the bank took back their homes due to failure of payments. Losing a home is likely losing a perfect working part of your body. Some items like late payment do not affect your credit score but due to foreclosure you will not lose your home, it will also affect your credit score.
These items are required to legally remove from your credit report as soon as possible. You may have heard that negative items would stay on your credit report for seven to ten years. When you try to contact with credit bureaus they also insult you by saying you have no other option rather to wait for ten years. You are bearing double punishment, you lost your home and as well as your attractive credit repute for ten years.
It will not qualify you for getting further loans from banks and other financial institutions. In this type of situation some people give up but there is good news for you, you may get rid of this embracing situation. There is no minimum time limit described by the government that negative items have to stay on your credit report. Government only mentioned maximum time limit and credit bureaus can remove all negative items from your credit report whenever they want.
Removal of negative items is possible you can do it by yourself if you have complete familiarity with laws and regulations that regulate credit reporting industry. FCRA is the law which protects consumers against credit bureaus in the matters of credit repair. All the three credit bureaus are working under this law and cannot include a wrong item in anyone's credit report. You can also take help of credit repair firms to fight with credit bureaus if you are looking for instant results.