Posted on: 01st Feb, 2012 02:06 am
I can understand that the banks cannot collect money on someone who has filed chapter 7. But if the bank wants to take back the property in the enforcement of the lien, they must file foreclosure proceedings against the home. Being that the foreclosure goes into the public records, and ones FICO score has public records included in the report will that foreclosure be scored and reported and still have a negative impact on my credit score?
Hi Gerry,
If the lender reports the foreclosure sale to the credit bureaus, then there are high chances that the your credit scores may get lowered. However, in most cases, if the lender forecloses the property after the bankruptcy filing, then normally he doesn't report it to the credit bureaus.
Take care
If the lender reports the foreclosure sale to the credit bureaus, then there are high chances that the your credit scores may get lowered. However, in most cases, if the lender forecloses the property after the bankruptcy filing, then normally he doesn't report it to the credit bureaus.
Take care
Hi Gerry!
Welcome to forums!
As far as I have seen, even after bankruptcy filing, the lenders do report the foreclosure to the credit bureaus. Once the foreclosure is reported to your credit report, it will definitely have a negative impact on your scores.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I have seen, even after bankruptcy filing, the lenders do report the foreclosure to the credit bureaus. Once the foreclosure is reported to your credit report, it will definitely have a negative impact on your scores.
Feel free to ask if you've further queries.
Sussane
OK when you check your credit score there is a negative impact, but it is so small that it really won't lower your score at all. If it lowered your score that much everyone would have bad credit considering all the places that check your credit throughout the year. So it is okay to check your credit, it will not hurt it.
:idea:
:idea:
Sabrina says: "OK when you check your credit score there is a negative impact, but it is so small that it really won't lower your score at all. If it lowered your score that much everyone would have bad credit considering all the places that check your credit throughout the year. So it is okay to check your credit, it will not hurt it.
Her comments here would seem to indicate that a person checking his or her individual score(s) is going to have a negative impact. That is not the case. Only when seeking credit will an inquiry make a dent in a score. Performing your own due diligence has no impact whatsoever on the scoring.
Her comments here would seem to indicate that a person checking his or her individual score(s) is going to have a negative impact. That is not the case. Only when seeking credit will an inquiry make a dent in a score. Performing your own due diligence has no impact whatsoever on the scoring.
