Dealing with foreclosure in Miami is first step toward repairing your credit score
Homeowners facing foreclosure in Miami have contributed to an “F” rating for Fort Lauderdale and Miami residents by TransUnion, one of the nation’s top three credit scoring companies.
Many homeowners are afraid to enter the foreclosure process or to speak to a foreclosure lawyer in Miami, in part because they are concerned about the impact on their credit score. The reality is that a single late payment or missed payment can lower your score by 100 points or more. By the time a homeowner begins to consider foreclosure an option, the damage to a credit score has largely been done by late payments on mortgages, credit cards, car payments and other bills. Ironically, putting a foreclosure behind you, and regaining control of your finances, is the first step to repairing your credit worthiness.
The Miami Herald reports that TransUnion found that about one-fourth of South Florida residents had a credit score in the 500s during the second quarter of 2010. That qualifies the area for the agency’s lowest rating; the company rates credit worthiness on a scale of 501 to 990.
South Florida was at the bottom of 50 metro areas ranked by TransUnion, along with Orlando, Memphis and Las Vegas. The Minneapolis-St. Paul region came out on top with about 23 percent of residents having a score of more than 900.
If you need help with foreclosure issues in Miami or the surrounding areas, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.
South Florida earns an `F’ for credit scores – 10-05-2010 MiamiHerald.com.pdf