Removing short sale, foreclosure from credit report possible
News from San Jose Mercury News:

Many homeowners assume once they have a short sale or foreclosure, it would be very difficult for them to own a home again, let alone get a good credit rating.

Certified credit specialist Julie Macc says the moment any negative or derogatory information is listed on a credit report, it will affect a credit score anywhere from 60 to 160 points, so short sales and foreclosure definitely hurt a client’s credit score. However, it is possible to remove a short sale or foreclosure from a credit report.

According to the Federal Fair Credit Reporting Act, everything reported on a client’s credit report must be 100 percent accurate and verifiable. At a recent meeting of members of the Silicon Valley Association of Realtors, Macc indicated studies show 93 percent of consumers have inaccurate information on their credit reports. You can challenge inaccurate reporting in your credit report, she says.

“Are the dates and amounts reported correct? Is it being reported as ‘charged off’ when payment was accepted for release of the lien? Does the credit report reflect the account as being closed? Often the account is being reported as open,” says Macc.

If a borrower believes the mortgage loan servicer or lender has made a mistake regarding their mortgage, under the Real Estate Settlement Procedures Act,…………… continues on San Jose Mercury News

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