If they are unable to verify the negative mark then it must be removed from your report. Since the housing crisis some lending institutions have gone under or are unwilling to spend money verifying debt. With some luck your listing will be unverifiable.foreclosure assign bushel

There is one last option. You can negotiate a settlement offer with the lender. You must negotiate that in exchange for your payment they will remove the mark from your report.foreclosure assign bushel

In sum, items of bad credit do not have to stay on your report. You can remove negative items and clean your report.

The maximum amount of time a foreclosure can be on your credit report is seven years. There are false reports that say a minimum of seven years.

However I suggest you first try and dispute the mark with the credit bureau. This is done by writing a dispute letter and sending it to each credit bureau.

We do expect to see some new laws or case precedents emerge from this housing crisis. It is probably in your best interest to hire a service especially if the foreclosure is not your only negative listing on your report.

In this letter you must include why the listing is inaccurate or invalid. Reasons why include; account paid in full, not my account, information is wrong and etc.

If it is verified or you are having trouble getting a dispute letter deemed valid by the bureaus I suggest you hire a service. They will often have attorneys on their payroll with an expert understanding of the credit laws and they can use advanced dispute tactics.

It is common for bureaus to deem an initial dispute letter invalid. They will respond and ask you for more information about the dispute.

These reports are false, did you know that credit reporting is entirely voluntary. A lender does not have to report a negative mark on your credit file and can remove one at any time.

Therefore you will have to send your dispute letter again, with some persistence you can get a dispute submitted that is valid. Then the bureaus will hold an investigation into the listing.

Article Source : foreclosure assign bushel