How long does a foreclosure stay on your credit rating?

How does it affect my ability to rent or purchase property?

How long does a foreclosure stay on your credit rating?
Per the Fair Credit Reporting Act all derogatory accounts show for 7-years from the date of first delinquency.





As far as you purchasing property it will be a problem until you have re-established your credit with 24 months of good solid pay history on something.





Renting will be up to the property manager.
Reply:As long as 7 years. Foreclosure does a lot of damage to your credit score. On future mortgage applications you have to report to the bank that you had lost a home due to foreclosure. So this will limit your chances of getting a loan for nearly 7 yrs.