When a bank has foreclosed on your real property, the record of the foreclosure will normally stay on your credit report for 7 years. Like many negative entries, some foreclosures will stay on your credit report even after that time and you will need to actively dispute the information on your credit report to get it corrected (or even resort to legal means).
But what about a foreclosure that hasn’t expired and remains on your credit report? Is it possible to remove a foreclosure from your credit report? The short answer is “yes”. But of course, there is more to the story.
Removing a foreclosure from your credit report can be difficult. The first thing to understand is that there is likely going to be no question whatsoever of ownership. So taking the advice of some so-called “experts” that say “just dispute every negative item as ‘not mine'” will get you nowhere. Disputing every negative item as “not mine” is not only dishonest, it’s pointless. It doesn’t work. And it’s even more pointless for a foreclosure that you know is yours. Further if you ever wish to dispute your credit reports under the Fair Credit Reporting Act (FCRA) you will look dis honest.
The real key with foreclosures is finding the right leverage to get the foreclosure listing removed. With the large number of foreclosures that happen every year, it is easy for mistakes to be made along the way. If you can find those mistakes with your own foreclosure process, possibly in the loan documents, this can be used as leverage to try and get the foreclosure removed from your credit report.