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If there is no way to dispute the underlying foreclosure, then there is no action you can take to remove the issue from your credit report. However, there are a few ways you can begin to improve your credit. The first is to open a credit card account, and maintain a small monthly balance while paying the majority of the card off each month. Credit counselors often recommend a "coffee card" - a credit card that you use for small purchases such as coffee, so that you are not accruing interest on large purchases. The consumer charges a small amount each month, paying the majority off, while maintaining a small balance. This helps to improve your score.
Another method, if you now have bad credit and it is difficult to get a credit card, is to apply for a department store card, as they are more lax in issuing credit. Another alternative is also a secured credit card.
The item can stay on your report for 7 years. If it is not removed, you may request removal. Generally, a foreclosure will drop your credit score between 200-300 points. If you maintain your other debts, so that there are no other negative listings, you may begin to see an increase in as little as 6 months. The main thing is to stay current on all of your debt from here forward.
There are many companies that, for a fee, represent that they can have negative items removed. If there is no dispute as to its validity, generally an item will not be removed, and the consumer is out the money they paid to the company.
Did you have any questions on the above?
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