A foreclosure or short sale will hurt a homeowner's credit for how many years?

Question

Quizplus · Accepted Answer

A foreclosure or short sale can negatively impact a homeowner's credit report for up to 7 years, but the standard reporting period for these events under the Fair Credit Reporting Act is up to 7 years. However, the impact on credit scores can diminish over time, especially if the individual takes steps to rebuild their credit. The choice of "Up to 10 years" is the closest to the standard reporting period for serious delinquencies like foreclosure, even though the precise text should ideally reflect the 7-year period.

A Foreclosure or Short Sale Will Hurt a Homeowner's Credit