What are the best ways to remove a 5 year old ...foreclosure?

I know of no way to legally remove a foreclosure. I have searched for the answer and have yet to find it. I also spoke to people in the mortgage business and also knew nothing of removing a foreclosure from your credit records.

Foreclosures and bankruptcies tend to stay on your reports for 7 to 10 years. However if since the foreclosure you have kept your payments current and have improved your fico score, you may still qualify for a new mortgage.

Here is the link to a free e book that will show you ways to legally improve your credit.

http://confidentlifestyle.com/Documents/fix%20credit.pdf

Good luck and best wishes. 

Author: NightStar
Posted: Sat Jan 24, 2004 8:36 pm 

Post subject: How Long Does Foreclosure Stay on Credit Report

The foreclosure can technically show on your credit report for 7 years.

You can try your hand at credit repair and send in dispute to all 3 of the Credit Reporting Agencies stating that the account is not yours and that you want it removed.

What will happen is that the CRAs (credit reporting agencies) will have 30 days to contact the creditor asking them to verify. If that creditor for some reason messes up in their response then the CRA will likely grant you want you requested.

But if they catch it, the CRAs will report back to you verified, should this happen then you want to look at the trade line for any errors in the reporting like

incorrect last activity date
incorrect balance
incorrect payments
incorrect status....

You can try anyone of these reasons as a follow up dispute, just takes time trial and error on these things.

If you can't get it removed right immediately - then just give some time and in the mean time set yourself up with a secured installment loans or credit card to rebuild credit history. And keep periodically trying with the disputes.

You can use this method on about any negative reporting... just recommend not disputing for deletion on accounts that are otherwise good reporting but for a few late listings - with these you can write a letter to the creditor asking for good will of them removing the lates for you. That way you accomplish saving a good trade to continue the positive reporting.

Also before you start with the disputes... look over the credit reports for errors in the personal information they have on you. Like any reported names that are spelled wrong, or aliases (want only on version of your name being listed on the report) same thing with outdated addresses. Just dispute these as incorrect and needing to be removed. No other explination is needed here. Don't want to make the mistake of saying that the addresses are past addresses (then the CRA will just say it can remain on the credit report).

If you get these removed off of the credit report 1st then go back and dispute the other stuff you chances for success will increase on actually accomplishing removal. Most accounts are on the credit report due to their relationship to the name and / or address. Social Security number is not a key identifier all the time on keeping the information stuck to the report.

Oh and recommend sending your disputes in by writing certified mail return receipt so you can keep track of when the 30 day dispute period starts. That way if the CRA messes up and does not respond in the given time you may have another angle for forcing the information off of the report - by writing back in say in 35 days of non - response and requesting that the investigation be completed. They will be obligated to comply. Just be sure to keep copies of your dispute letters.

Also even if the CRA does remove, the account can be re-added later, but the CRA must give you 5 business day notice of the reinsertion. If not you can just write them back stating that they failed to notify you of the reinsertion and that now you want the trade line removed for good. They will have to comply with that request, it is in the Fair Credit Reporting Act.

If you like - recommend reading this - know it is a large document, but the key sections concerning you would be:

Sections 605 is the key section which people go by

http://www.ftc.gov/os/statutes/031224fcra.pdf

Depending on how recent your delinquencies have been if you are currently having problems with collection agencies you may also read up on the Fair Debt Collections Practice Act - key sections are:

The bureaus do not have to remove that which is true. I have seen foreclosures removed but it is a luck of the draw. In some cases, trying to retrieve the archived documents to combat a written dispute can be too time consuming for the creditor and may decide to stop reporting for the sake of time management. However, it can return later down the road. I have seen some of them removed but I would not expect it. Your best approach is to find a good dispute letter online and send it to the three bureaus, Experian, Transunion and Equifax. They will then request the creditor to dig up the old foreclosure documents. You may get lucky and have a creditor that is down on their luck and have no time to fight with you. If at first you do not succeed, try try again every three months.

Try this:

Credit Secrets Bible

Foreclosures are treated like every other negative item that is listed on a credit report.  It will stay on there for 7 years unless you try to remove it.

You can remove it yourself by disputing to the 3 major credit bureaus.  Under the Fair Credit Reporting they have to verify any negative item that you ask them to verify.  This can be a process and can take several attempts or a few months depending how lucky and good you are.

You can also try to hire a Credit Restoration service to do the work for you.  They are experienced and they have removed thousands of foreclosures before, just look at their stats.

If you do decide to do it yourself.  Do your research first on credit repair .  Because if you tip the credit bureaus off to what you are doing, they might just block you.

Good luck and hope you get it off.