One of the first things to do after a Foreclosure is Foreclosure Credit Repair. There are many foreclosure services that will explain what your foreclosure rights are. According to Bloomberg “Last year, more than 2.3 million homeowners faced foreclosure proceedings, an 81 percent increase from 2007, and analysts say that number may soar to as many as 10 million in coming years.” http://www.bloomberg.com/apps/news?pid=20601103&sid=adtt9PpAA4fQ&refer=news Foreclosure Credit Repair is something that is very important and not to be overlooked.

The first step to Foreclosure Credit Repair is to know what you are dealing with

You do that by pulling your credit report from the three credit reporting agencies

Transunion (http://www.transunion.com) Equifax (http://www.equifax.com) Experian (http://www.experian.com)

First check to make sure that it is accurate; if not make sure you contact all three agencies and get removed all things that are not accurate.

Next you must create a budget. You must break down all your bills and know exactly what you are spending all your money on. Then create a budget on how much you are allowed to spend on food and niceties. Odds are you will find out you are wasting a lot of money on things that you don’t need and often times never use.

Start slashing the bills you don’t NEED. Get rid of cable. The motorcycle, the third car, your golf clubs. All these things that you don’t NEED. They have to go! The boat, GONE! If you want foreclosure credit repair you have to be serious about making a difference in your life.

For successful foreclosure credit repair you must pay down your debts. If your balance is higher than 30% of your available credit then your score is going to be negatively affected. Meaning if you have a credit card of $10,000.00 you don’t want that card to have a balance over $3,000.00. Once you get below that 30% range your score will increase dramatically. You must do this for every card you have, as this is on a per card basis.

Don’t close your old paid off accounts. Many people tell you to do this but that is a big no no. Those cards are in perfect standing and they have been on your credit for years, that establishes longevity and that you can be trusted. DO NOT REMOVE THOSE cards.

One of the major problems people have in foreclosure credit repair is filing bankruptcy. Avoid filing for bankruptcy. Bankruptcy is the King of the bad moves. It stays on your credit report for 10 years and while some of these “Foreclosure Credit Repair” companies claim that they can take it off I have yet to hear one person who has actually been able to get it off their report permanently. I know many that have gotten it off (soft deleted) for a short period of time but no-one that has had it removed forever. Books such as Stephen Elias’, “The New Bankruptcy: Will It Work for You?” offers a more balanced view of the risks and benefits of bankruptcy.

Get advice. Many people have made mistakes. Don’t think you are alone or that people will judge you. You are in a situation and there are many people that can help you. There are many places that offer foreclosure services and tell you what your foreclosure rights are. Search on government sites and do proper research before getting involved with any company. There are plenty of great books on www.Amazon.com that you can research to get educated on the Foreclosure process as well as foreclosure credit repair. One such book is by Robin Leonard called, “Solve Your Money Troubles: Get Debt Collectors Off Your Back & Regain Financial Freedom.”

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Sorry about the delay in updating been out of town.  Foreclosure Credit Repair has been in the news quite a bit lately.  One of the things that I recently read about Foreclosure Credit Repair is that do to the poor economy there is a lot more ambulance chasers.  People claiming that they can help clean up your credit report as well as false websites that people create to get your social security number and things like that.  The Federal Fair Credit Reporting Act requires the three credit reporting agencies, Experian, TransUnion, and Equifax to give consumer’s who ask for it a free copy of their credit report every year.  You can order your free report every twelve months at www.annualcreditreport.com make sure you spell it correctly because there are a lot of misspelled sites that will lead you to believe they are the correct website and will either try to sell you something or they will be a dummy site to try and get your personal information.

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