Hi, Luci, welcome to the forums! I have moved your thread to General Credit, as it is dealing with the effect of foreclosure on credit scores and reports. You're right, it's all over the news these days, fighting for airtime with the stock market and the credit!
In the meantime, please read Credit Scoring 101. It's a great intro to what's on your reports, what makes up your scores, and how to improve both. The link is up at the top of this board, and also here:
http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007