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I have a friend that has had a foreclosure on their CR since 2006. How can they get it removed? What kind of letter does she need to send?
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Community Leader
Legendary Contributor

Re: Foreclosure

She needs to contact the CRA and assert that the credit report exclusion period has expired, and thus it can no longer be included in credit reports issued by the CRA.


The exclusion period is defined under FCRA 605(a), and unless the forclosure resulted in a charge-off of a portion of the loan as a loss, it would have an exclusion period of no later than 7 years from the date of the forclosure.  If it can be shown to be the equivalent of a charge to profit and loss by the creditor, then the exclusion period would be no later than 7 years plus 180 days from the date of first delinquency on the loan.


In either event, it would appear to have passed ints credit report exclusion period, placing the CRA in violation of section 605(a).

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