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Public Record Changes in Credit Reports

Frequent Contributor

Public Record Changes in Credit Reports

Hi, I'm a mortgage underwriter and we just received this update from CoreLogic, one of our credit report providers, about changes made by EQ, EX & TU. 

 

(Copied & pasted below)

 

 

Public Record Update Notice

Mortgage Credit Solutions
Important notification

 

  Public Record Changes in Credit Reports

  WHAT’S NEW
The three national credit bureaus (Equifax, Experian and TransUnion) have informed us that they will be implementing changes to their collection of Public Record data. These changes stem from their concern that some of this data does not meet minimum data quality standards.

New requirements include:

  • Require all public records obtained from the original source locations to contain minimum identifying information(PII), Name, address, SSN and/or date of birth
  • Require all public records to be collected and updated at more frequent intervals


These changes may impact the public record information that you receive on the credit reporting products you order from CoreLogic. We expect these bureau changes to go into effect no later than July 1, 2017.

While we cannot yet provide final details regarding exactly which public records will be impacted, the bureaus’ preliminary analysis reveals the following:

  • They anticipate significant changes to civil judgment public record data: their preliminary analysis shows that approximately 96% of this data may not meet the enhanced PII requirements.
  • They anticipate significant changes to tax lien public record data: their preliminary analysis shows that as much as 50% of this data may not meet the enhanced PII requirements.
  • There will be no impact to Bankruptcy data.


We will keep you informed of any new developments on this initiative as we receive new information from the bureaus. In the meantime, we suggest that your organization consider a general exercise in determining what impacts that the loss of tax lien and civil judgment data on consumer credit reports will have on your processes, if any.

myFICO's as of 1/24: EQ: 655 // TU: 669 // EXP: 677
WALLET: NFCU cashRewards $10k | $15k LOC I AMEX Blue ED $2,000 & AMEX PRG | Costco Citi $6500 | Discover IT $2,700 | Merrick Bank $1,800 | Sam's Club $6,000 | Cap1 QS1 $1,750 | Carson's $30,000 | Kohls $3000 | VS $4,100 | Overstock $2500 | JCP $5000

REBUILD STARTED: 4/27/15: EQ: 579 // TU: 627 // EXP: 616
Message 1 of 262
261 REPLIES
Community Leader
Super Contributor

Re: Public Record Changes in Credit Reports

interesting!! Thank you for posting..
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 2 of 262
Valued Contributor

Re: Public Record Changes in Credit Reports

Thanks for the information!

 

I wonder if there will be more delations of PR in the future.

 

Message 3 of 262
Valued Member

Re: Public Record Changes in Credit Reports

Great information to know.  Thanks for the post!   

 

 


Starting Score: 547
Current Score:685
Goal Score: 700


Take the myFICO Fitness Challenge
Message 4 of 262
Community Leader
Valued Contributor

Re: Public Record Changes in Credit Reports

Here's an article from the Wall Street Journal that speaks to this.

https://www.wsj.com/articles/credit-reports-to-exclude-certain-negative-information-boosting-fico-sc...
Message 5 of 262
Valued Contributor

Re: Public Record Changes in Credit Reports

Message 6 of 262
Valued Contributor

Re: Public Record Changes in Credit Reports

So it appears that by July 1st, the CRA will remove any Public Record, Judgements, and Liens, that do not have all the required information. It does not mean that they are deleting all information or changing the reporting of those items, other then having the required infomormation.

 

Another thing, is that Data Miners could go back in try to retrieve the missing information and if sucessful the information can be reinserted back on your credit report.

 

 

Message 7 of 262
Senior Contributor

Re: Public Record Changes in Credit Reports

I saw an article about this today...and I hope it comes to pass.

 

DW and I HAD no negative information on any of our CR's... until some one at the state forgot to push the "payment plan" button.  They accepted our payments, but filed a state tax lien because we didn't have a payment arrangement in their system.

 

It has since been paid, but I'm hoping that it will no longer show on our credit reports...


Gardening since 10 Jan 2018. Gardening until I hit 700 or 15 April. Whichever comes first. Smiley Tongue
Zero percent financing is where the devil lives...
10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
01/01/18 Fico8 scores: EX 655, EQ 661, TU 650
Message 8 of 262
New Contributor

Re: Public Record Changes in Credit Reports

EX has removed my tax liens but EQ and TU haven't bugged at all. Hopefully after 7/1 they'll remove them!
Message 9 of 262
New Contributor

Re: Public Record Changes in Credit Reports

Was your lien removed recently?

Message 10 of 262