How long does a short sale stay on your credit report? This question is about Credit Reports

How long does a short sale stay on your credit report?

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This question is about Credit Reports

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@WalletHub • 06/30/20 This answer was first published on 11/02/16 and it was last updated on 06/30/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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A short sale will remain on your credit report for seven years. The starting point for this period depends on the timeliness of your mortgage payments. If your payments were never late and the account was in good standing at the time of the short sale, the period begins on the date of the sale. If your payments were delinquent, the seven-year period begins on the original delinquency date.

You can monitor your credit score right here on WalletHub, using our free credit score tracking tool. You might also want to check out this guide on rebuilding your credit.

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How do I remove short sale from my credit report?

You cannot remove a short sale from your credit report unless the information listed is incorrect. If the entry is an error, you can file a dispute with the three major credit bureaus to have it removed, but the information will remain on your report for seven years if it is accurate.

How To File a Dispute To Remove a short sale From Your Credit Report

Review your credit report to locate the short sale entry.
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Is it a good idea to buy a foreclosure or short sale, or are there any risks?

Whether it is a "good" idea depends on what your plans are. If you are thinking about buying a foreclosure and want a move-in ready house, it is probably not a good idea. If you want to try to get a house at a lower than market price and are willing to fix it up as needed, it could be a good idea.
Same would probably go with a short sale, though I think that...

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