Foreclosure on Credit Report

[vannie]

Question...

 

How should foreclosures be listed on the credit report.

 

My husbands says 120 days past due, open account.

 

Is this a correct listing?

[NeverQuietHere]

I would think it would have to say closed since you no longer have a loan. I could be wrong though.

[hbone]

Question...

 

How should foreclosures be listed on the credit report.

 

My husbands says 120 days past due, open account.

 

Is this a correct listing?

[hbone]

bump

[athensgaguy]

bump

 

No, it's not correct. Are you looking at a report directly from the CRA? The last line should be something similar to "Foreclosure as of ..." with a $0 balance. On EX at least, the status should be reported as "Foreclosed/Foreclosure proceedings started"

[vannie]

Yes,

 

I am looking at true credit report. All three of them says 120 days past due.

 

The foreclosure was in 2007.

[athensgaguy]

True Credit is not directly from the CRA.

 

However, it sounds like the mortgage company quit reporting before the foreclosure was complete.

[vannie]

Should I leave it as is or insist that the mortgage company report foreclosure as oppose to 120 days past due.

 

What would drop the credit score more?

[athensgaguy]

Should I leave it as is or insist that the mortgage company report foreclosure as oppose to 120 days past due.

 

What would drop the credit score more?

 

I would want to make sure it says it's closed. Does it have a balance?

Edited November 11, 2008 by athensgaguy

[vannie]

no, the balance is paid.

[cousin eddie]

Tough call, I would leave it alone though. 120 days late doesn't bar you from getting a loan for 4 years. A foreclosure does. I would much prefer the 120 day late. JMO