There Is Good News!

• Aging Out: In all instances above where I reference how many points will be lost in each scenario, it is important to understand that over time all derogatory accounts age out. This means that the older the account, the less it will hurt your credit scores.
• 7-Year Reporting Period: The law states that derogatory items “can be” reported for 7-10 years. It doesn’t state that they “MUST BE.” There is no need to wait out the 7 years. You don’t have to. You can start seeking early removal of the item by asking the credit bureaus that are reporting the information to send you a copy of the information they have on file to verify their reporting.  Law states that they MUST have absolute verification, or remove it from your report.
• You can start recovering and rebuilding immediately. You do not have to wait to start recovering and rebuilding.  Contact me for some great tips on how to get started now.

Which is The Best Choice to Protect Credit Scores?

Each of the scenarios presented in this report has a specific impact on credit scores, but it’s important that each individual understands that this is a very personal decision. A borrower must weigh the impact such a critical decision will have on family, employment, and future financial stability.

But above all, consumers should not be afraid to ask questions and find out what options are available. Many consumers mistakenly assume that there are specific laws and policies set in place that govern the actions of lenders, creditors, and credit bureaus. However, in many instances they are in the grey as much as the consumer. So homeowners in trouble should not feel intimated by them.

In Conclusion

My advice to any homeowner on the verge of foreclosure is, first and foremost, find out what options are available. Do the research. Consult the experts. Gather as much information as possible, and weigh the pros and cons. What may seem to be the best answer right now may also have a serious impact for many years to come, so make an educated decision.

The great news is that whatever fate falls upon your credit scores right now, you can start improving your situation immediately.

 

A source for additional information is Linda Ferrari's Book The Big Score Getting it and keeping It

 

http://sntk.in/bw