Target: Consumer Financial Protection Bureau
Goal: Do not allow fraudulent mortgage foreclosures to be included in credit histories
During the current economic crisis, millions of United States citizens have lost their homes because of fraudulent mortgage foreclosures. While the government has taken action to stop this practice at both the federal and state level, it has yet to address problems with credit history. Demand that fraudulent foreclosures be removed from the credit history of those affected by these practices.
These fraudulent mortgage foreclosures are resultant of dual-tracking, a process in which banks foreclose on a home while applications for loan modifications are still being considered. The government has already declared such practices as fraudulent, which means that any inclusion of such information on a credit score is also fraudulent. This means such information must be removed.
Foreclosures can have a devastating effect on one’s credit history, with the ability to alter one’s credit score by hundreds of points. On top of this, it can take up to seven years for them to be removed from one’s history. Worse yet, while it remains it causes substantial problems in more areas than just purchases.
Having a bad credit score makes finding a decent place to live almost impossible. One is forced to pay substantially higher fees when one is even able to get credit, and it is now a common practice for employers to check the credit scores of job applicants. This creates a circle of economic disadvantage one cannot escape from.
The fact that so many people have been affected by fraudulent foreclosures means that the situation is turning into a crisis. If our government truly wishes to help solve the current economic crisis, then they should rectify the situation so both consumer prospects and consumer spending will increase. As it stands, millions of people are suffering needlessly while keeping the economic situation stagnant.
By signing the petition below, you will help encourage the Consumer Financial Protection Bureau to take action to remove fraudulent mortgage foreclosures from people’s credit history. This will not only be positive for the people whose credit will improve, but for the economic situation of the country at large.
Dear members of the Consumer Financial Protection Bureau,
Fraudulent mortgage foreclosures have caused millions of people to lose their homes during the United States’ economic crisis. While you have addressed curbing the practice of dual-tracking, you have not yet addressed the problems it creates with credit history. Fraudulent foreclosures must be removed from affected person’s credit history.
The large number of people being affected by fraudulent foreclosures means this situation is a crisis. The problem should be rectified so both consumer prospects and spending will increase, thus benefiting the economic situation in the country as a whole. Millions of people are needlessly suffering while contributing to a static economic environment.
Please take action to remove fraudulent mortgage foreclosures from people’s credit history. This will be a positive change for both the individuals affected and the country at large.
[Your Name Here]
Photo credit: recovermyhome via Flickr