What is currently a million-dollar question was just a 25-cent question a short while ago, simply because everybody already understood the solution: How much time will it take for your credit ratings to get better from a short sale or a property foreclosure? Many years, right? These types of incidents stay with your credit report for 7 years and short sales are recorded as either charge-offs or debt settlements. These 2 incidents, in addition to home foreclosures, are significantly damaging and may considerably harm your credit ratings for several years.
So just why has this all of a sudden turned into a subject of debate, discussion, and inconsistent answers? Simply because in March 23rd’s American Banker, Barrett Burns, the CEO of credit score provider VantageScore Solutions claimed, “…it can take consumers less than 9 months to correct their credit rating following a short sale or property foreclosure.”
Amazing, that’s very good news! Or is it? I discovered this hard to believe. The bottom line is this: You cannot completely fix your credit score within nine months unless you can persuade the credit agencies to eliminate the items from your credit file. And as long as the items are correct they will stay for 7 years. Your ratings will start to heal over time because the item ages and loses predictive importance, however sadly it will not take place after just 9 months.
So how do you convince the credit agencies to permanently remove bad items on your report? Normal credit repair companies simply send dispute letters out to the 3 major credit bureau and hope that they can dispute the claim long enough that it will be temporarily removed while you apply for a new credit card or home loan. This however is not a 100% solution because during that time the items can come back and you’ve just been out the amount of money you spent to try to fix your bad credit.
So we went on a search. As realtors we run into people every day that have bad credit and cannot get into a home simply because their score is just a few points lower than what is needed to qualify.
We have found the one and only company that is 100% effective in permanently removing negative credit items from your credit report. They go about this by using a little known law which requires the credit bureau to have written documentation of the debt on file. But because the credit agencies are soooo massive, this becomes an impossible task.
We can’t really do the company justice is describing the process. Just go to their site at www.mycreditscorerestored.com. We have sent hundreds of our real estate clients to them and have had amazing success. Their friendly and don’t charge an arm and a leg like other companies we have tried.
