Getting a credit card with bad credit can be a frustrating process, so even a small improvement can be a welcome one. Here is a published list of minimum credit scores that you will need to get a credit card. As shown in the list, even a one-point difference can get you denied for certain kinds of credit cards. If your credit score did not get a big enough boost from the new changes in policy, now could be the time to sign up for professional credit repair. You can also carry on the conversation on our social media platforms.
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Related Posts. Another argument made by government officials and others to justify the removal of public records from credit reports is that people who have tax liens and civil judgments tend to have low credit scores anyway.
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Tewari does not dispute this. The LexisNexis Risk Solutions study found that many consumers who were approved for auto loans or credit cards and had liens or judgments had lower credit scores and higher default rates than the general population. However, he said, high-scoring consumers are not immune to liens and judgments.
Another important factor to consider is the reason credit bureaus were pushed to purge these public records in the first place: The bureaus were often unable to accurately match the lien and judgment records to the right credit reports. If the person applying for credit is named John Smith, the likelihood of pulling public record information for a completely different John Smith is high.
Such mismatches could prevent people from accessing credit. None of the credit bureaus responded directly to a request for an interview but referred inquiries to Francis Creighton, president and CEO of the Consumer Data Industry Association, whose members include the credit bureaus and LexisNexis Risk Solutions. The credit bureaus still use some public records in credit reports, such as bankruptcy records, which have personally identifiable information to allow accurate matching.
Credit bureaus announce removal of all tax liens from consumer credit reports
Creighton said the credit reporting agencies all want to provide as much information as possible to lenders to help them make good decisions. Login Subscribe. Now Reading: The Latest. A year later, some say the absence of this data is contributing to poor lending decisions.
You should report this to the credit bureaus and have your credit score reviewed.
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Some public records cannot be removed. Bankruptcy will remain on your credit report for seven years in most cases and ten years in some states. If you do not attend to some liabilities as instructed by the court following your bankruptcy, then these would reflect on your credit report.
You should look for accuracy while studying public records. You want paid debts to appear as paid and unpaid debts will appear accordingly. You cannot remove unpaid debts. Tax liens too will remain on your credit report, even if you have paid them. Make sure they are listed as paid. You can remove a judgment which is a public record on your credit report. You can hire a credit repair company or you can try to do this on your own. Once you pay a debt as instructed by a court in its judgment, the public record on your credit report will appear as paid.
This will positively affect your credit score but the review would not be consequential. Banks and lenders would still consider it as a red flag, especially if it was a fairly recent incident. One way you can remove public records, in case of a court judgment against you, from your credit report is by getting in touch with the debt collector or debt collection agency that was appointed to recover the money you owe to the plaintiff or claimant in the case.
The court will report the developments according to the provisions laid out in the Fair Credit Reporting Act. The Section or US code requires debt collectors to validate a debt so they know for certain that the individual they are pursuing is actually the person who owes the money.
How Long Does a Public Record Stay on Your Report?
No debt collector can pursue an individual without proving that the debt is valid. You can write to this debt collector or agency to validate the debt. You can send a letter and it is likely you would be asked to provide more information. In cases where courts are involved, things can get a little complicated as the debt collector will have to refer to the judgment and accompanying documents.
It is possible you would have to write more than two or three letters but eventually you will be provided the information you are looking for, wherein you would be confirmed as the individual who owed the money and had actually paid it. Since the debt is paid and it is no longer outstanding for the claimant, court or the collection agency, it should not be reported as such on the credit report.
The debt collection agency would report to the credit bureaus and the public record may be deleted as a result. Your credit report should have entries that actually reflect the facts. If you have an outstanding debt, it should be reflected on your credit report and your credit score will be reviewed accordingly. Some paid debts will always be on the report as public records but not all.
Legal disputes wherein you owe some money are not a conventional loan. It is a judgment that has gone against you and you are anyway required by law to pay the money on the scheduled date. You cannot really dillydally with the judgment as you would be held in contempt of court. Public records should not be presented unfairly on the credit report. This is where credit repair companies come into play. They can help people to get such records deleted or removed. You can fight this battle alone but it may take eight months to a year. Most courts have an auto response.
How long do public records stay on your credit report?
There would not be any investigation till you send the second or third letter. The debt collector may not be able to steadfastly work with the court and other public records departments where from your details must be obtained. All such problems can prolong the process.