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Credit Reports

Types of Credit Reports:
 -Single
 -3-in-1
 -Credit Monitoring System
 -Free Credit Report

Credit Report Basics:
 -Ordering a Report Yearly
 -Common Questions
 -Determining Scores
 -Interpreting Reports
 -Disputing Errors
     --more basics

Credit Achieving Tips: 
 -Improving Credit Scores
 -Building Credit
 -Re-building Credit

Identity Theft


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FORECLOSURE
A foreclosure is another major event that is currently influencing an increasing number of homeowners and one that will have a damaging impact on credit scores for many years. How impacting will depend on the individual or agency examining it. However, by the time your home is foreclosed upon, your payment history will have already taken a momentous jolt, so it's doubly impacting.

Lenders are aware that foreclosure is costly and utilize it as a last resort for a solution. A good idea would be to stay in close contact with your lender if you find yourself in extreme financial straits. They will typically look to work with you, by either developing some sort of payment schedule or forbearing your mortgage loan while you attempt to sell your home.

When it comes to your employer or a potential employer seeing that you have a foreclosure on your credit report, you will know when they do being that you have to allow their check of your credit report.

Advice: Be proactive with your lender prior to foreclosure and with banks following the foreclosure. Similar with bankruptcy, you can attempt to add a statement to your credit report. However, time is the only way to heal a foreclosure's impact on your score.

Credit Score Blunders
-Account in Collections
-Court Judgements
-Foreclosure
-Bankruptcy
-Too Much Debt
-Late Payments


 

 

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