Yes, Your Credit Can Be Repaired After a Chicago Short Sale

Posted on August 25th, 2010 in Market Conditions, Neighborhoods, Other Real Estate, Short Selling/Buying.

Chicago IL – Most people think that a short sale will be the kiss of death to their credit. That is the one big advantage of a short sale over a foreclosure. Anything and everything bad on your credit can be fixed. It’s called the dispute process.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

In my opinion, many lenders incorrectly report credit on consumers all the time. What if the consumer doesn’t understand how the process works? The consumers suffers unjustly! Just like the banks can work the system for their benefit, you can work the system to your benefit.

The information here is about how to dispute alleged errors. The law says correct but negative information should stay on your report. But, it is completely legal to challenge anything on your credit report.

It does not cost you, the consumer, any money to dispute something. In fact, if the Credit Bureau doesn’t follow the federally required procedure to process your claim, they can be liable for up to $1,000.

Here is how to process works.

First, order a copy of your credit report. I prefer the printed version. That way you can read through the entire report and make notes. You can highlight all the things that need to be fixed.

Next, rank those items by priority. The ones that are doing the most damage should be disputed first. Here are some common items that negatively affect your credit: Foreclosure, Loan Default, Late Payments, Collections, Repossession, and Bankruptcy.

A Short Sale will show up on your credit as a Late Payment and/or “Settled for less than full amount.” This is still much better for your credit rating than a foreclosure. As far as disputes, it is much easier to legally challenge.

After that, you will want to dispute the items. Send all your disputes by certified mail. That way you have proof of when you sent the dispute. Then, you wait for the dispute process to be completed. Tomorrow, I will give more examples of how to dispute a questionable item.

Do you want to short sale your property and never pay the bank another penny? I can help you do that. Call me at (312) 953-6725 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can e-mail me at

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my short sale blog often for updates and news

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725.

View My homes for sale at

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. Bridgeport Short Sales. Pilsen Short Sales. McKinley Park Short Sales. West Town Short Sales. Wicker Park Short Sales. Ukrainian Village Short Sales. Bucktown Short Sales. South Loop Short Sales. Lincoln Park Short Sales.

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