Tuesday, January 17, 2017

Eviction and Credit Scoring in Chicago

You may be wondering what impact an eviction will have on your credit score.  Assuming that one or more of the 3 main credit bureaus has picked up your eviction case, the drop depends upon where you started.  For example, if your FICO score was below 680 before the case was filed, your score should drop down to the 575-595 range.  If your FICO score is between 680 and 720, an eviction case could lower your score to between 570-590.  If your FICO score is over 780, then an eviction case may lower your score to between 620-640.

The next questions is how long will it take for my FICO score to recover after the eviction?  That, too, depends upon your beginning score.  For those who started with scores under 680, it may take up to 3 years of on-time payments to get back to 680.  For those who started with scores above 680, it can take as long as 7 years to get your FICO score back to where it was.  

Source:  FICO Banking Analytics Blog

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