Timeshares can be inconvenient. You might be considering letting your timeshare go into foreclosure if you’re making a monthly mortgage payment for a home you almost ever use, as well as exorbitant annual maintenance fees. Before you do so, think about how foreclosure can affect your credit score.
A timeshare foreclosure, like home foreclosure, will almost always result in a significant drop in your credit score.
Timeshare is shared property ownership in which several owners have access to the property for a set period each year. If you take a loan to buy a timeshare and then don’t pay your timeshare mortgage or keep up with the assessments, you’ll most likely face foreclosure.
When Attempting To Cancel Your Timeshare, Timeshare Debt Can Be More Harmful
We quickly noticed that timeshare owners were at a significant disadvantage when it came to credit score protection. Many people had been duped into purchasing a timeshare and were unable to pay the monthly loan payments.
To make matters worse, many timeshare loans were fraudulently set up by unscrupulous timeshare salespeople. These debts were bogus, and they were harming people who had put their faith in the timeshare corporation to do the right thing.
Many existing timeshare owners who want to get rid of their timeshares are hopeful of being able to cancel their contracts. Timeshares are legally binding, much like buying and owning a home. Many contracts in life are irreversible, and we propose that you think about a timeshare deal in the same manner.
Several timeshare businesses have a reputation for waging a fight on fraudulently constructed customer credit profiles. These businesses try to entrap disgruntled customers with timeshare debt and low credit scores. These timeshares were most certainly offered under pretenses, fraud, and misrepresentation to make matters worse. Unsuspecting timeshare buyers needed a tool to target these items that had been incorrectly added to their consumer credit profile.
How Timeshare Credit Protection Program Works
Some timeshare buyers realize they’ve made a mistake almost immediately. Other business owners struggle for years with loan payments and ever-increasing annual fees before giving up. Even the happiest timeshare owners may decide to cancel their contracts at some point, possibly when they can no longer keep them.
What is Timeshare Credit Protection, and how does it work? To determine what timeshare debts are being reported, the application uses MyScoreIQ to import all three FICO Scores. This allows the consumer to understand the timeshare debt’s influence on their credit rating and if it’s correct.
Credit Renew’s unique software sends a certified dispute letter to the debt furnisher and any credit agency reporting the debt when incorrect items are discovered. The reporting bureau will usually remove erroneous entries from the consumer credit profile.
Reasons Items Get Deleted
The Fair Credit Reporting Act offers you the power to directly dispute incorrect or incomplete collection items on your credit report with the credit bureaus or creditor. You can file a dispute on each credit bureau’s website using the dispute form.
You can contact the debt collector or original collector to remove a paid collection off your report if mentioned on your report.
Most of the timeshare debt reported is incorrect and was obtained through violations of the Truth-In-Lending Act. The Timeshare Cancellation Case Management Team collaborates with the Credit Renew Team to identify these errors in our clients’ papers.
Contact us to learn how we can help you to get rid of your timeshare.