Discussion in 'English Only' started by chrislaurin2000, Apr 9, 2005.

  1. chrislaurin2000 New Member

    usa english
    i applied for a credit card recently.i was denied and was told that there is a foreclosure on my credit report.what does it mean and how come i have it on my report.
  2. lmn48820 Member

    canal winchester ohio
    usa english
    A noun
    1 foreclosure

    the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default.

    I can't tell you why it is on your report even though you were denied. Im not sure why.

    Lindsey N

    AKA QTpie
  3. mjscott Senior Member

    A foreclosure often includes a "repossession." If you bought something on time, such as a car, and you have not kept up with your payments, they can foreclose the account and repossess the property that you have purchased on credit. As so many more things now are recorded and accessible to creditors, they can look up your credit report and see if you are someone who will faithfully pay a bill on a credit card, or if you might be likely to purchase things on credit and not pay them back. IMPORTANT: If you have never bought anything on credit, or if you have kept up with payments on either a loan or a previous credit card, you must immediately communicate with your credit card company. In this world of so much accessible knowledge, identity theft is also a possibility. IT IS NOT A LIGHT AND EASILY FIXABLE PROBLEM IF SOMEONE HAS STOLEN YOUR IDENTITY AND IS PURCHASING THINGS ON CREDIT USING YOUR NAME.

    Good luck....

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