How to Remove Foreclosure Redeemed on Your Credit Report
Foreclosure can be a real pain when it pops up on your credit report. It's an error that can take months or years to resolve, and during that time your credit score will take a hit. on your report can be much more difficult than removing collections or late payments.
However, it is very possible to delete foreclosure redeemed if you take the right steps. To ease the process, you can use services like DoNotPay- a fast and convenient way- to clean up your credit report.
What Does Foreclosure Redeemed Mean on Your Credit Report?
is a negative item that can appear on your credit report when your property has been seized and sold at a foreclosure auction, but the sale hasn't been recorded with the county recorder's office. This means that you may still be listed as the owner of the property and that someone else has purchased it from you in a foreclosure auction.
The good news is that you can dispute the report with the credit bureau if the report is inaccurate. The bad news is that if the report is accurate, you may not be able to remove it and it will stay on your report for seven years. Your late mortgage payments that led up to the foreclosure will be shown on your report.
What Should I Look for in My Credit Report
The best way to find out if foreclosure is appearing on your credit report is to order a copy of your credit report. You can order a free copy of your credit report from each of the three major credit bureaus once a year at annualcreditreport.com.
Once you have a copy of your credit report, look for the following keywords: "foreclosure," "redeemed," and "auction." If any of these keywords appear on your report, you'll need to take action to dispute the error- but first, check errors in:
- Personal information such as names and address
- Account information,
- Lender name
- public records
How To Dispute a Foreclosure Redeemed
If you find that on your credit report and your property was never foreclosed, you can dispute the error with the credit bureau. In most cases, you'll need to provide evidence that the report is inaccurate. You should therefore gather all information you need to prove this. Next, contact the credit bureau either online, by phone, or by mail and ask them to remove the report because it's incorrect.
You can contact the three main credit bureaus Equifax, Experian, and TransUnion. If this doesn't work, consider sending them a debt validation letter. They will have 30 days to investigate, correct, and remove the report. You can site the Fair Credit Reporting Act (FCRA) in your dispute which requires bureaus to report only accurate information.
You can contact The three main credit bureaus here:
|Credit Bureaus||Phone Number||Mailing Address|
|TransUnion||(800) 916-8800||TransUnion LLC Consumer Dispute Center, P.O. Box 2000, Chester, PA 19016|
|Experian||(888) 397-3742||Experian, P.O. Box 4500, Allen, TX 75013|
|Equifax||(866) 349-5191||Equifax Information Services LLC, P.O. Box 740256, Atlanta, GA 30348|
Sue For An Unresolved Credit Report Dispute
If the credit bureau doesn't resolve your dispute, you may need to sue them for an unresolved credit report dispute. DoNotPay has a service you can use to sue them in small claims court. You have the right to sue per the Fair Consumer Reporting Act and we can help you with all the legal procedures and documentation you may need.
Next Steps for Cleaning Up Your Credit Report if You Can't Do It on Your Own
If you're unable to resolve the error on your own, there are a few steps you can take to get help.
- First, you can contact a credit counseling service. These services can help you negotiate with creditors and improve your credit score.
- Second, you can contact a credit repair service. Credit repair services can help you dispute errors on your credit report and improve your credit score.
- Third, you can hire someone to dispute the foreclosure on your behalf.
Note that these three options can be riskier. You need to do thorough research before deciding on the company you'll use so as not to be scammed. It can also be expensive as you have to pay these companies for their services.
How To Clean Up Your Credit Report With DoNotPay
If you're unable to resolve the error on your own, you can get help from DoNotPay. DoNotPay can help you , dispute the errors and even negotiate with your lender to remove the report.
Here's our 4-step approach:
- Search Clean Credit Report on DoNotPay.
- Prepare a recent copy of your credit report that you can use as reference.
- Let us guide you through the 4 potential options:
- If you've already paid off your debt, we'll help you file a Goodwill Removal Request to get it removed.
- If you notice any errors in your report (we have a list of common errors you can use!), we'll help you file a credit dispute to the creditor or major credit bureaus.
- If there are no errors, we'll check if you're still eligible to file a debt validation request. If they can't validate your debt, they're required to remove it from your report and they can't collect it!
- Lastly, if none of the above options work, we'll help you file a pay-to-delete negotiation letter. You can customize the amount you are willing to pay in exchange for getting the item removed.
It's that simple to remove the foreclosure from your credit report. We can also help you check your credit report and credit limit as well as keep your unused cards active.
Remove Foreclosure with DoNotPay
Removing foreclosure can be a daunting task. It can be time-consuming and frustrating especially if you don't use the right channels. You can save yourself all the hassle by using DoNotPay. Our service is reliable and easy to use. We know the right steps to use like sending a credit dispute letter and we've helped hundreds of people remove foreclosure from their reports. We can help you too. and let's clean your credit report.