Legal Question in Credit and Debt Law in Illinois

Foreclosure and credit report

Is it true that a forclosure only stays on your credit report for 2 years? I live in Illinois.


Asked on 2/15/07, 1:37 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Foreclosure and credit report

No, that is not true. The Fair Credit Reporting Act requires that negative remarks be removed after seven years, but only if you request that it be removed. Bankruptcies will usually stay for ten years. If you make the request, it will be there forever.

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Answered on 2/21/07, 10:17 am


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