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If loan was paid in full prior to foreclosure. how do i get it off of my credit report?
Wiki User
∙ 12y ago
If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.
Wiki User
∙ 12y ago
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You had foreclosure proceedings started but you sold the home and paid off the bank in full Can the foreclosure proceeding started be remove from your credit report?
If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.
What is the procedure for reporting a foreclosure to the credit bureaus and does it have to be hand-delivered and what can you do to have it removed?
Foreclosure is a legal procedure filed against borrowers who have failed to pay a mortgaged home loan. If the loan itself is reported to the credit bureaus, then prior to the filing of the legal action the "tradeline" (account listing) would be notated "foreclosure" or "foreclosure proceedings begun". This idicates the account is seriously delinquent and filing of legal action is imminient. This "reporting" is done by the lender/Data Furnisher. This entry would remain for 7 years from the month/year the account was last paid on time immediately prior to its' default. If no remedy is provided (quick sale, deed in lieu of foreclosure or payment in full), then the lender proceeds to file the actual legal action. This does not "get reported". Rather, as with all public records, independent contractors scan public records and re-sells these to various databases, including the three major credit bureaus. By this method, the legal action of foreclosure finds its' way onto your personal credit report. The legal item would be displayed on your credit report for 7 years from the date of filing. So, it is possible to have two notations, one in the "account history" section and one in the "public records" sections, of the same foreclosure. Both entries would be correct. The public record would remain for slightly longer than the account entry notation. If the foreclosure is accurate, there is little a consumer can do to have it removed. This information would be considered vital credit data. Foreclosure is huge indicator of credit risk and is the exact reason that credit information is referenced by prospective lenders. If, on the slim chance, you did manage to have an accurate foreclosure item removed from your credit report; the public record at your local courthouse would still remain. Thus, the record would most likely reappear on your credit report in the future. It can be extremely difficult to obtain a mortgage loan with a foreclosure listed on your credit report. Obviously, this is the biggest indication to lenders that you do not repay home loans. It is also the best reason to avoid foreclosure at all costs. Even a deed in lieu of foreclosure is better than allowing a lender to file against you.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
How to get foreclosure off your record?
Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month. The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.
Can a foreclosure be removed from your credit report after the property has been taken back?
No, the foreclosure will stay on your credit report for 7 years. After you will probably have to request it be removed by submitting a written request to the three major credit reporting agencies.I lost my job, and had to sell my house. My lender filed a petition of foreclosure on my house the same time I sold it. The house was paid off before any foreclosure was done. But it still shows on my credit report. Now I can't get a mortgage loan to buy another house. What can I do? "...the lender filed foreclosure at the same time I sold it...What can I do?"Since foreclosure proceedings were actually filed against you, their appearance on your credit report is correct. This type of information is supposed to show. This is what credit reports are all about. There is no legitimate way to have such information removed.All legal proceedings are public records, open for viewing at the courthouse, thus available to anyone who searches. So even a gimmick method of credit report would only yield temporary results. There are existing safe-guards which ensure that this type of information is reported for its' full time period, which is 7 years from date of filing.Instead of spinning your wheels at this hopeless endeavor; why not educate yourself on the reality of finances and credit. Re-build your savings and credit. In a few years, you will still have the foreclosure showing, but you will also have a record of efforts to recover from this disastrous financial and legal event.1) There is a difference between a bank filing a foreclosure suit, and actually having your house foreclosed.2) If you sold the house before a foreclosure judgment was made final in court you were not foreclosed on.3) Go to your county courthouse and get a copy of your cases dismissal. If one was not filed by your old mortgage company, get them to file it. (They are obligated to dismiss it after they've received payment)4) After you get a copy of the dismissal, contact all major credit reporting bureaus, and dispute your credit profile by reporting the negative entries on your credit report as inaccurate (because they are).5) The Credit reporting agencies will validate your information with your old lender, after a few weeks, the will let you know the outcome of your dispute. If the old bank does not modify the information, then send the copies of the dismissal to the credit reporting agencies, and have them notate the inaccuracies right into your report.
If a loan was in foreclosure when property was sold how will it report to credit bureaus?
It reports that it was previously in foreclosure and is now paid-in-full.
You had foreclosure proceedings started but you sold the home and paid off the bank in full Can the foreclosure proceeding started be remove from your credit report?
If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.
Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
What is the procedure for reporting a foreclosure to the credit bureaus and does it have to be hand-delivered and what can you do to have it removed?
Foreclosure is a legal procedure filed against borrowers who have failed to pay a mortgaged home loan. If the loan itself is reported to the credit bureaus, then prior to the filing of the legal action the "tradeline" (account listing) would be notated "foreclosure" or "foreclosure proceedings begun". This idicates the account is seriously delinquent and filing of legal action is imminient. This "reporting" is done by the lender/Data Furnisher. This entry would remain for 7 years from the month/year the account was last paid on time immediately prior to its' default. If no remedy is provided (quick sale, deed in lieu of foreclosure or payment in full), then the lender proceeds to file the actual legal action. This does not "get reported". Rather, as with all public records, independent contractors scan public records and re-sells these to various databases, including the three major credit bureaus. By this method, the legal action of foreclosure finds its' way onto your personal credit report. The legal item would be displayed on your credit report for 7 years from the date of filing. So, it is possible to have two notations, one in the "account history" section and one in the "public records" sections, of the same foreclosure. Both entries would be correct. The public record would remain for slightly longer than the account entry notation. If the foreclosure is accurate, there is little a consumer can do to have it removed. This information would be considered vital credit data. Foreclosure is huge indicator of credit risk and is the exact reason that credit information is referenced by prospective lenders. If, on the slim chance, you did manage to have an accurate foreclosure item removed from your credit report; the public record at your local courthouse would still remain. Thus, the record would most likely reappear on your credit report in the future. It can be extremely difficult to obtain a mortgage loan with a foreclosure listed on your credit report. Obviously, this is the biggest indication to lenders that you do not repay home loans. It is also the best reason to avoid foreclosure at all costs. Even a deed in lieu of foreclosure is better than allowing a lender to file against you.
How to get foreclosure off your record?
Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month. The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
Can a foreclosure be removed from your credit report after the property has been taken back?
No, the foreclosure will stay on your credit report for 7 years. After you will probably have to request it be removed by submitting a written request to the three major credit reporting agencies.I lost my job, and had to sell my house. My lender filed a petition of foreclosure on my house the same time I sold it. The house was paid off before any foreclosure was done. But it still shows on my credit report. Now I can't get a mortgage loan to buy another house. What can I do? "...the lender filed foreclosure at the same time I sold it...What can I do?"Since foreclosure proceedings were actually filed against you, their appearance on your credit report is correct. This type of information is supposed to show. This is what credit reports are all about. There is no legitimate way to have such information removed.All legal proceedings are public records, open for viewing at the courthouse, thus available to anyone who searches. So even a gimmick method of credit report would only yield temporary results. There are existing safe-guards which ensure that this type of information is reported for its' full time period, which is 7 years from date of filing.Instead of spinning your wheels at this hopeless endeavor; why not educate yourself on the reality of finances and credit. Re-build your savings and credit. In a few years, you will still have the foreclosure showing, but you will also have a record of efforts to recover from this disastrous financial and legal event.1) There is a difference between a bank filing a foreclosure suit, and actually having your house foreclosed.2) If you sold the house before a foreclosure judgment was made final in court you were not foreclosed on.3) Go to your county courthouse and get a copy of your cases dismissal. If one was not filed by your old mortgage company, get them to file it. (They are obligated to dismiss it after they've received payment)4) After you get a copy of the dismissal, contact all major credit reporting bureaus, and dispute your credit profile by reporting the negative entries on your credit report as inaccurate (because they are).5) The Credit reporting agencies will validate your information with your old lender, after a few weeks, the will let you know the outcome of your dispute. If the old bank does not modify the information, then send the copies of the dismissal to the credit reporting agencies, and have them notate the inaccuracies right into your report.
How does a lender use a credit report?
A lender will request a credit report from one of three credit reporting bureaus. This report will give the lender an idea about how likely you are to repay a loan on time and in full. The better your credit report, the more likely you are to repay the loan in full on time and (in general) the lower an interest rate you will be offered.
If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
Is it worth settling with a collection agency?
It kind of depends. If you settle with them prior to your credit reporting date it's a win win for you: No credit reporting and you save some money on goods/ services you received. If it's after the credit reporting date it reports as "settled in full" on your credit report, not as good as "paid in full" but better than not paid at all.
How many times can a collection agency inquire on your credit report?
Unless you have given a collection agency written permission to pull a full credit report they are in violation of credit laws.
Can a person avoid any mark on their credit report if a lender accepts a deed to transfer property and walk away where the mortgage has been previously discharged but the person is current on payments?
If payments have been made on time and there is no notice of foreclosure or repossession, the credit report should note the loan is paid in full. Verify what the bank will report. Keep documentation about the transaction with the bank in your records and make sure that all three credit reporting agencies reflect the correct information.
