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How to Remove Public Records From Your Credit Report
10 min read
Public records can have a negative effect on your credit score, so it’s important to know how to remove them. This article will provide information about removing public records from your credit report, as well as tips for maintaining good credit.
With the proper knowledge and tools, you can take control of your credit report and improve your credit score. So, let’s get started!
What is a Public Record on Your Credit Report?
A public record on your credit report is a record of any court judgments, tax liens, or bankruptcies against you. These records can indicate your financial activity, such as collection actions taken by creditors and other entities.
Public records can have a significant impact on your credit score and ability to qualify for future loan products. It is important to review your credit report regularly in order to identify any inaccuracies or outdated information (such as an old address), as this can help you avoid costly mistakes and improve your overall financial health.
Bankruptcies and Foreclosures
Bankruptcies and foreclosures can have a tremendous impact on your credit report. When either of these events occurs, your credit score will decrease significantly. This is because these events indicate that you have had difficulty managing your finances in the past.
When a bankruptcy or foreclosure is reported to a credit bureau, it is likely to stay on a credit report for up to seven years. This means that during this time, your ability to obtain new lines of credit may be limited or nonexistent and any new credit you are able to secure will require higher interest rates and larger down payments due to the decreased credit score. Here’s the guide to removing late payment from credit report.
Bankruptcies and foreclosures can also make it difficult for you to obtain loans or other forms of financing. This is because lenders are less likely to approve loan applications from individuals who have had difficulty managing their finances in the past.
Tax Liens
Tax liens are a way to secure payment for delinquent taxes. When taxpayers fail to pay their taxes in full, the government may put a lien on their property as collateral until the debt is paid off. If a taxpayer does not pay off their tax lien, it can appear on the taxpayer’s credit report, which will have an adverse effect on their credit score.
Tax liens appear on your credit report because they represent a debt that is owed to the government and has not been paid off. A tax lien can remain active for up to ten years, which means that it will remain on your credit report for that time period, during which it will be more difficult for you to get access to loans or other financial services.
Lawsuits and Civil Judgments
Lawsuits and civil judgments can reflect on credit reports because they are public records. Lenders, creditors, and other organizations have access to court records when making decisions about potential customers.
When a company does not receive payment for goods or services in a timely manner, it may file a lawsuit against you in order to recover the money owed. If the lawsuit is successful, a court judgment can be entered in favor of the company and become a public record.
This information can then be reported to credit bureaus, which can negatively impact your credit score and make it more difficult for you to get approved for new loans or lines of credit.
However, not all legal matters will automatically appear on a credit report. For example, an unpaid speeding ticket or parking ticket generally would not appear since these are classified as civil infractions and are not considered actual debts.
How To Remove Public Records From Credit Report?
Removing public records from your credit report can be a difficult and complex process. It requires that you take the necessary steps to investigate and dispute any incorrect information on your credit report(Learn about repairing credit after identity theft).
Knowing how to spot errors and dispute inaccuracies can help keep your financial reputation in good standing.
- Request a copy of your credit report – You should request copies of your credit reports from all three major credit bureaus: Experian, TransUnion, and Equifax. Each bureau collects different information, so it’s important to review each one.
- Check for errors – Once you have your credit report in hand, carefully review it for any errors or inaccuracies. This includes incorrect personal details, such as your address, or any public records that may be inaccurate or out of date.
- Dispute inaccuracies – If you have identified errors in your credit report, you can dispute them by filing a dispute online or sending a 609 dispute letter to the credit bureau with evidence supporting your claim.
- Follow up – Once you have sent your dispute, follow up to ensure that the bureau has received and processed your request.
- Monitor your credit report – After filing a dispute, monitor your credit report to make sure that all of the errors are being corrected as promised. If they are not, you can take further action to remove any inaccurate information from your credit report.
Do Public Records Affect Your Credit Score?
Public records can have a significant impact on your credit score. Public documents, such as court judgments and bankruptcies, may be reported to the credit bureaus and then used by lenders when evaluating whether or not to approve loan applications and set interest rates.
What Kind of Information is Included in a Public Record?
Public records are documents related to certain legal proceedings, such as bankruptcies, judgments, and liens. They can also include tax liens, child support orders, forfeitures, and more. Public records reflect in credit reports as negative marks that can hurt your credit score.
How Long Do Public Records Last on Your Credit Report?
Public records such as bankruptcies, foreclosures, and liens remain on your credit reports for 7 to 10 years from the filing date of the record. The further in the past these issues occurred, the less impact they will have on your credit score.
However, even after these public records fall off your credit reports, they can still be used by lenders to determine whether or not you are a good candidate for a loan.
Final Thoughts on Keeping Information Off Public Records
Removing public records from your credit report is not an easy task. However, it is possible with the right knowledge and resources. We advise that you review all of your credit reports annually to ensure that the information is accurate and up-to-date. By remaining proactive, you can improve your credit score over time.
