How To Fix Your Credit Rating After Foreclosure

Foreclosure was indeed a frightening reality for millions of homeowners during the recent Great Recession. All these later, the aftermath is still being felt. Those who went through the gut-wrenching experience of foreclosure report that it takes quite a bit of time and effort on their part to correct their credit report after their foreclosure is completed.

It is common that banks are slow to investigate and correct charge offs in their credit report, and derogatory entries are allowed to keep appearing on credit reports -- until they are challenged.

You can improve your credit rating yourself. Write letters. Make the necessary phone calls. Don't quit. Track your credit repair progress. Remember to write down names and phone numbers and phone extensions of the customer service reps you speak with, and remember to never give up; you can fix bad credit.

Contact each of the 3 major credit bureaus in order, targeting the the single worst error on each credit report at a time.

You can find their address, phone number and website information here: http://www.findhow2.com/how-to-contact-credit-bureaus.html

Eventually, these homeowners report, credit history is corrected, and with the passage of time and better credit habits, their good credit is restored.

Their advice: watch your credit report closely after foreclosure. Never hesitate to dispute questionable negative entries that you believe to be incorrect. It seems that workers at these banks show little initiative to do their job with your best interest in mind, and remember, there is no incentive, nothing in it for them, to report correctly to your credit report. It's up to you to ensure that they do their job.

It won't cost you anything but some time, a little postage and aggravation to keep checking back with thse credit bureaus that you have successfully disputed with. Keep in mind that your old creditor might not yet have responded to your official dispute -- worse yet, since credit reporting is controlled by an automated reporting computerized system, the creditor might report it inaccurately all over again.

This is the importance of keeping all paperwork you have which states your old loan is in foreclosure. It's not a bad idea to give the credit bureaus a copy (never the original) with your dispute letter to buck up your claim and speed up the process of correcting your credit report.

More credit repair articles and e-books can be found at FindHow2.com.