topic Re: Foreclosure in Mortgage Loans

Foreclosure

Anonymous — Mon, 21 Apr 2008 18:15:55 GMT

I have a foreclosure listed on my credit reports from November 2000. How do I go about getting this dropped from my reports? Do I send a letter to Household Mortgage or contact the 2 agencies that have this listed for me?

Thanking you in advance.

Re: Foreclosure

fused — Tue, 22 Apr 2008 02:42:31 GMT

Nov 2000 is past credit reporting time limits. I would dispute this with the credit reporting agencies as such. Foreclosures stay on reports up to 7 years.

Re: Foreclosure

Anonymous — Thu, 24 Apr 2008 17:45:45 GMT

Thanks, that's exactly what I'm going to do.

Am I understanding correctly that just because the 7 year time period has lapsed doesn't mean the negatives automatically roll off of your credit report?

Re: Foreclosure

Anonymous — Fri, 25 Apr 2008 02:41:33 GMT

Infojunkie wrote:
Thanks, that's exactly what I'm going to do.

Am I understanding correctly that just because the 7 year time period has lapsed doesn't mean the negatives automatically roll off of your credit report?

They should automatically fall off, but sometimes it won't update that way. So it's the consumer's responsbility to make sure the credit report is accurate. Sucks, but that's the way it is. You have to fight tooth and nails sometimes to get stuff corrected.

Re: Foreclosure

Anonymous — Thu, 01 Apr 2010 13:57:57 GMT

tually incorrect, a foreclosure may stay on your file for up to 10 years. If the foreclosure was not yours, then by all means dispute it with the reporting agencies. You may learn they will tell you it is do to expire at the end of this year.

Re: Foreclosure

MarineVietVet — Thu, 01 Apr 2010 14:54:10 GMT

@Anonymous wrote:
tually incorrect, a foreclosure may stay on your file for up to 10 years. If the foreclosure was not yours, then by all means dispute it with the reporting agencies. You may learn they will tell you it is do to expire at the end of this year.

May I ask where you got that information and could you post a link? I've never seen the 10 year number mentioned anywhere I've looked. 7 years is what I find.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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Re: Foreclosure

fused — Thu, 01 Apr 2010 22:13:11 GMT

@Anonymous wrote:

tually incorrect, a foreclosure may stay on your file for up to 10 years. If the foreclosure was not yours, then by all means dispute it with the reporting agencies. You may learn they will tell you it is do to expire at the end of this year.

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection

(b) of this section, no consumer reporting agency may make any consumer report

containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from

the date of entry of the order for relief or the date of adjudication, as the case may

be, antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate

the report by more than seven years or until the governing statute of limitations

has expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than

seven years.

(4) Accounts placed for collection or charged to profit and loss which antedate the

report by more than seven years.2

From the FCRA (The Fair Credit Reporting Act)

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection(b) of this section, no consumer reporting agency may make any consumer reportcontaining any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, fromthe date of entry of the order for relief or the date of adjudication, as the case maybe, antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.

(4) Accounts placed for collection or charged to profit and loss which antedate thereport by more than seven years.

(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years

A foreclosure could fall under item 4# or 5#.