Foreclosure can cause your credit score to drop 100-plus points. Here's how to recover.
The unfortunate news is that as long as the foreclosure is listed on your credit report, your credit score will be negatively impacted by it. But just how much foreclosure impacts your score depends on what your credit was like beforehand., a data analytics company that creates credit scoring models, is that higher credit scores are penalized more than lower credit scores. The higher your score was before the foreclosure, the more your score will drop from it.
In this scenario, because the borrower didn't follow through on repaying their loan, the lender can seize the borrower's property as collateral for not adhering to the repayment obligation.Even though a foreclosure stays on your credit report for seven years, you don't want to wait that long to start rebuilding from the damage.Pay your bills on time:for achieving a good credit score.
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