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Reporting period question

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Had a mortgage I last made payment on in April 2003. The property was foreclosed on in late 2005. It is still showing up on my reports.

I disputed with the CRAs, all three came back as "verified"

I contacted the OC in an attempt to get an explanation as to why they are still reporting, and neither one of two people could give me an answer. I was promised a return call which did not happen.

I want to be sure I am not missing something before I start firing off any letters to the OC.

Any help is greatly appreciated...

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Negative entries can remain on a credit report for 7 to 7 1/2 years. Is it possible they are using the foreclosure date?

It appears they are using a date some time in 2005, so that could be.

It was my understanding that the 7-7 1/2 years was from the date of first delinquency.

I just want to be certain I am not wrong before pointing this out in a letter to them.

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Just spoke with one of the reps for GMAC mortgage.

They don't deny that the account was first delinquent in 2003, but claim that they are entitled to restart the clock on the reporting period once it goes into foreclosure.

I'm getting ready to look into this further, but it seems absurd to me that they are able to do that.

The account itself never changed, they simply exercised their measure of recourse against non-payment.

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I'm finding conflicting information.

The FCRA clearly states that the reporting period commences 180 days after the delinquency which preceded the foreclosure.

Various postings/opinions I found from a simple search say it's seven years from the settlement in the case of foreclosure.

Any opinions from anyone who has any knowledge or experience with this in particular is greatly appreciated.


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