10 Things That Affect Your Credit Score


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Taking out a home loan through your local financial institution serves as an official payment agreement that requires constant follow-through. If a homeowner fails to make their mortgage payments on time, the institution may have to start the process of foreclosure.

Foreclosures generally stay on a consumer’s report for a total of seven years, plus an extra 180 days past the most recent payment. Having a foreclosure listed on your report will lower your overall credit score, as well as increase future interest rates by 1%-2% on average.