Once an individual defaults on paying predetermined fees on a timeshare, it might be a timeshare foreclosure. Stop paying expenses is common when a person who owns an unwanted property wants to get rid of timeshare. The ugly truth is that foreclosures tend to lead to severe financial consequences and remain in a credit report for seven years. Keep reading to discover how to remove timeshare foreclosure from credit report.
How long does a foreclosure stay on a credit report?
If you default on your mortgage payments on a timeshare by at least 120 days, your lender is likely to start legal proceedings against you. In addition, a mortgage lender will report foreclosure to the primary credit bureaus so that you will encounter issues with obtaining other loans, not to mention higher interest rates. The foreclosure is typically shown on credit reports for 30-60 days. However, the foreclosure will remain on your credit report for around seven years, reducing the negative effect over time.
How to dispute timeshare on credit report?
Generally, it is possible to have a foreclosure removed from your credit reports. It is typically done by revealing errors that have occurred in foreclosure cases and reporting a lack of proper conduct of a procedure. An individual can dispute a foreclosure even when a listing on a credit report is considered questionable. Here are some ways how to dispute a timeshare foreclosure on a credit report:
1. Seek errors on the credit report listing
Once you receive copies of credit reports from your credit bureaus, you must verify all the details. If you find any info is incorrect, take action to dispute it. It would be best to look at an account number, a balance on a foreclosure, any dates mentioned in a report, and the lender’s name.
If you receive credit reports from different credit reporting agencies, don’t think that they operate the same information – check all of them separately. Thus, you can file a dispute when you find any foreclosure error. You can perform it by sending a dispute letter to the credit bureaus for info verification with a response time of 30 days. The bureau can correct the information or remove it after all.
2. Contact the lender
If the credit bureaus aren’t willing to remove a foreclosure, you can contact the lender directly. Ask them to remove the entry from a credit report because of inaccuracies with the given response period of 30 days. Once lenders can’t or don’t want to verify the info, they will likely remove a foreclosure.
3. Hire a professional credit repair team
According to your proof, since the credit bureaus conclude whether a foreclosure dispute is frivolous, multiple individuals decide to get professional help. A team of professionals can remove foreclosures from customer credit reports without additional hassle.