How Long do Foreclosures Stay on Your Record?
Review your foreclosure entry on your credit report for accuracy.
You'll lose more than just your home in a foreclosure. The action affects your financial health as well, causing your credit score and history to take a significant hit. Federal laws limit how long a foreclosure remains on your credit record, but the damage from the entry is immediate and long-lasting. Work on rebuilding your credit as soon as you can after foreclosure to secure your financial future.
Bureau Reporting Length
Once the lender completes the foreclosure, it will report the foreclosure to the major credit bureaus: Experian, TransUnion and Equifax. The foreclosure often is shown on the public records section of your credit report, which contains
matters such as judgments and foreclosures, and may be noted on the entry for your mortgage as well. The foreclosure stays on your reports for seven years once it's been entered.
A foreclosure entry usually drops your credit score by over 200 points, according to TransUnion's official website. At the point the foreclosure is entered, your score is probably already heavily damaged. The mortgage lender would have reported your nonpayments as soon as you were first late and during the entire foreclosure process. It may take you at least three years to rebuild your credit to the point where you can quality for a new mortgage, depending on your rebuilding plan and financial circumstances.
New Mortgage RestrictionsSource: everydaylife.globalpost.com