Facts About Credit Scores and Foreclosures

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In 2023, foreclosures were up 10 percent from 2022 and 136 percent from 2021. According to the U.S. Foreclosure Market report, the 2023 foreclosures filings were 357,062. This triggered a significant credit hit for many people.

Foreclosure can be heart-wrenching. It destroys lives emotionally and financially. But how bad and how long does a foreclosure hurt a credit score? What are your options?

How Much Does Foreclosure Affect Credit Score?

A foreclosure will lower your credit score by at least 100 points. But, how much the score drops depends on how high it was before the foreclosure. The higher it is, the more you lose.