Preserve Your Credit During A Short Sale

Los Angeles, CA – If the right decision for you and your family is to sell your condo as a short sale, then the sale will have an immediate effect on your credit score. Expect a loss of at least 50 points.

This might feel like it’s just overwhelming and demoralizing to see your credit score take any more hits, but according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining?

If you have negative errors on your report that get fixed, that will be a benefit to your score. Average people can, on their own, take steps to repair and restore their credit report/ credit score after a short sale.

Here is how to avoid any double whammies during and after your short sale.

Follow these simple steps.

1. Review your credit report. I recommend the site: https://www.annualcreditreport.com/cra/index.jsp.

If you see anything that is negative, inaccurate, or questionable make a note of it. On your list, write down why you disagree with that item on your report.

2. Write letters to the different credit bureaus about what you are disputing on your report. There are several sample letters available online: http://www.creditinfocenter.com/forms.

Here is a simple tip: DO NOT use the online dispute forms that are on the websites of the 3 credit reporting agencies. Write your own letter and make it short, firm, and demanding of action.

3. Mail your letters to the credit bureaus through either registered or certified mail. This is what sets the clock for them to correct issues.

The law lays out a timeline that they have to follow (45 days.) And, this gives you a record of the mailing, too.

4. Keep a file of all that you have done, including dates. Then, track your results, also.

5. When you’ve gotten back responses (or if 45 days pass and you haven’t gotten responses), then it’s time to repeat some of the process again for some item or another on your report.

If you are diligent and proactive, you might just surprise yourself by the benefits you can see in on your credit report – even after your short sale!

If you are thinking about a short sale, I can help. Email Nicole@NicoleLindler.com or call me directly at 310.694.2288

Click Here to discover other sellers who have successfully completed a short sale with our team.