Question...
How should foreclosures be listed on the credit report.
My husbands says 120 days past due, open account.
Is this a correct listing?
Foreclosure on Credit Report
Started by
vannie
, Oct 17 2008 12:02 AM
10 replies to this topic
#1
Posted 17 October 2008 - 12:02 AM
#2
Posted 18 October 2008 - 12:18 AM
I would think it would have to say closed since you no longer have a loan. I could be wrong though.
#3
Posted 23 October 2008 - 12:01 PM
Question...
How should foreclosures be listed on the credit report.
My husbands says 120 days past due, open account.
Is this a correct listing?
#4
Posted 23 October 2008 - 12:02 PM
bump
#5
Posted 23 October 2008 - 05:24 PM
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"
#6
Posted 23 October 2008 - 07:31 PM
Yes,
I am looking at true credit report. All three of them says 120 days past due.
The foreclosure was in 2007.
I am looking at true credit report. All three of them says 120 days past due.
The foreclosure was in 2007.
#7
Posted 24 October 2008 - 09:46 PM
True Credit is not directly from the CRA.
However, it sounds like the mortgage company quit reporting before the foreclosure was complete.
However, it sounds like the mortgage company quit reporting before the foreclosure was complete.
#8
Posted 08 November 2008 - 06:48 PM
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?
What would drop the credit score more?
#9
Posted 11 November 2008 - 04:49 PM
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 by athensgaguy, 11 November 2008 - 04:50 PM.
#10
Posted 11 November 2008 - 06:28 PM
no, the balance is paid.
#11
Posted 11 November 2008 - 09:31 PM
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
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