The foreclosures should appear on your credit report for approximately 7 years from the date of the entry of the foreclosure judgment. In your case, this means that this listing can likely appear on your credit report for at least four more years. Unfortunately, there is not much you can do to remove a foreclosure listing from your credit report if the entry is correct.
Federal law (US Code Title 15, §1681c) controls the behavior of credit reporting agencies. This law is known as the Fair Credit Reporting Act (FCRA). Under FCRA §605 (a) and (b), an account in collection will appear on a consumer’s credit report for 7½ years. The clock starts approximately 180 days after the date of first delinquency on the account. To learn when an account will be removed by the credit reporting agencies (TransUnion, Equifax, and Experian and others), add 7½ years to the date of first delinquency. Subsequent activity, such as resolving the debt, is irrelevant to the seven-year rule. However, if the debt is a tax lien, that can appear for seven years from the date of payment. A bankruptcy will appear for ten years from the date of the final order. Delinquent federal student loans can be reported indefinitely, i.e., for as long as they are delinquent.
Since the negative impact of delinquent accounts decreases with time, an account that is nearing the seven-year mark should only have slight impact on your credit history.
I hope this information helps you Find. Learn & Save.
Best,
Bill
Hoxie, KS | March 17, 2012
March 18, 2012
If Citi filed the report, then contact Citi and ask it to remove the report, which was initially accurate, but later events caused the foreclosure to be withdrawn.
In either case, dispute the derogatory item on your credit report. The link I just mentioned is for a Bills.com page that describes how to do so.
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