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Credit Scores Q&A

Q: I lost my job and had to foreclose on my house, and now I'm trying to repair my credit. How long will this foreclosure impact my credit score?
A: Typically, foreclosures will lower a credit score by 250-280 points, and stay on your credit report seven years. If you continue paying other bills and credit obligations on time though, within three years your credit score could be robust enough to get you a new mortgage with a favorable interest rate. A foreclosure is only one single negative item, not a blanket record of defaulting on all credit obligations.
Now that you know more about credit scores, sign up for TransUnion Credit Monitoring today and receive a free credit score
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