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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?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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What is the lowest amount that can be reported to credit bureaus?
$0. Credit bureaus do not have a minimum amount reporting requirements.
What are the names of the three credit reporting bureaus that determine your fico scare?
Transunion, Equifax, And Experian
How can my business report to the credit bureaus?
Three of the major business credit-reporting bureaus are Experian, Equifax and Dun & Bradstreet. The business must first establish an account with one of the bureaus and transfer information to that service. This process can help businesses establish credit.
Can a foreclosure be removed from your credit report?
Foreclosures can be removed from your credit report like any other negative item. You must dispute it to the credit bureaus. The credit bureaus will have 30 days to verify the foreclosure or it must be removed from your credit report. With the higher amount of foreclosures lately you have a better chance of it being removed. UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Foreclosure from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "foreclosure account" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The bank that held your mortgage may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.
How does a private mortgage holder report late payments to credit bureaus?
In order to report information to the credit bureaus, a company or individual would have to become a contributing client of the bureaus. There is an expense involved and there are also federal statutes which must be followed. So, for the most part, private individuals do not report to the major credit reporting agencies.
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.
What is the law concerning Credit Bureaus must have verifiable proof of the foreclosure account in their files if they are going to report the negative item on your report?
Credit bureaus are required to investigate and verify the accuracy of information they report, including foreclosure accounts. If you dispute the foreclosure on your credit report, the credit bureau must investigate and ensure that there is valid proof of the foreclosure before reporting it. If the credit bureau cannot verify the information, they must remove it from your credit report.
What is the lowest amount that can be reported to credit bureaus?
$0. Credit bureaus do not have a minimum amount reporting requirements.
Who do you get your credit score from?
The CRA (Credit Reporting Agency/Bureaus).
Can a co signer of a mortgage be taken off after foreclosure?
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
Where online can one find comparisons of credit reporting bureaus?
The best way to find online comparisions of credit reporting bureaus is to look for user forums. Here one can find customer experiences. There may be some websites that compare these bureaus, but most of these sites are not independant.
If a US creditor is not reporting a credit card to the three major credit bureaus because of a foreign address will delinquency in payment also stay off of one's credit report?
ANSWER That is correct. If the creditor is not reporting to the major bureaus there is no report... good or bad.
How do you report an eviction to the credit bureaus?
No need to do any reporting. When the eviction judgment was entered, the credit bureaus update their files and will put this on the defendant tenant's credit file.
What are the names of the three credit reporting bureaus that determine your fico scare?
Transunion, Equifax, And Experian
What must a business do in order to begin reporting customer credit information to the bureaus?
A business needs to apply for membership with the credit bureau (or bureaus) with whom the business wishes to provide customer credit information. Each of the three (3) major credit bureaus provides a mechanism for a business to join and begin leveraging credit reporting services. The web pages to do so for each of the reporting agencies are included as related links for this question.
Which states' lenders are supposed to notify the cosigner before reporting a late payment to credit bureaus?
None
Why does a creditor claim I had a foreclosure but my report doesn't mention one?
The foreclosure may have been reported to the Credit Bureau your lender is looking at but not the Credit Bureau you are looking at. For example, the 3 main Credit Bureaus are Transunion, Equifax and Experian. You lender may be looking at Equifax and seeing the foreclosure, when you are looking at your Transunion, where the foreclosure was not reported.
