Credit and Credit Reports

questions & answers

Question: When does a foreclosure come off a credit report? Seven years from the date the loan went into foreclosure, from the date of last payment or from the date of the sale at auction?

Answer:

Specifics about the impact of a foreclosure on a credit report are beyond the scope of AZLawHelp as the consumer credit reporting agencies exercise a great deal of control over information about what effects credit reports. 

However an individual may contact the credit agencies for more information.  There are 3 credit bureaus that creditors use to evaluate the credit of a potential borrower: Equifax, Transunion, and Experian. 

According to information on Transunion's website, 7 years is the amount of time that a foreclosure will remain on a Transunion credit report.  http://www.transunion.com/personal-credit/ask-audrey/how-long-does-foreclosure-stay-on-credit-report.page

Additionally, consumers are entitled to a free credit report from each bureau every year.  The site set up by the government to request the reports is https://www.annualcreditreport.com/index.action (see also http://www.usa.gov/topics/money/credit/credit-reports/bureaus-scoring.shtml)

Individuals faced with loss of a home through foreclosure/trustee sale or dealing with issues related to a foreclosure can apply for free and reduced fee legal services through the Access to Justice Online Intake System, the link is also available on the top right of AZLawHelp under the “LegalLEARN” section. Individuals may also contact legal aid directly, however due to high call volume there may be long wait times on the phone and the phone system may disconnect calls when overwhelmed. To find the legal aid agency serving a particular county in Arizona, select the desired county in the drop-down under the section titled “FIND FREE LEGAL HELP” on the right column of AZLawHelp.