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Require credit reporting agencies remove foreclosure information when such foreclosures were deemed illegal or wrongful

Created by J.J. on December 11, 2012

Lending institutions are being fined for illegal loans and foreclosure practices. Individual homeowners affected will receive minimal compensation from these fines. According to the New York Times, Dec. 11, 2012, "... 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000."
However, the former homeowner's credit scores have been ruined because of the foreclosure notice on their credit report issued by the credit reporting agencies. If the loans were illegal, the customer should not suffer further from such illegal acts. Removing this foreclosure information from a customer's credit report will, in many cases, allow the customer to go back into the housing market from which now unjustly banned.

Economy & Jobs
Government & Regulatory Reform
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