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Public Record Changes in Credit Reports

Valued Contributor

Re: Public Record Changes in Credit Reports


tcbofade wrote:

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...


You should contact your state's Tax Advocate regarding your situation. My friend had a similiar issue in California and they were able to resolve it.

 

 

Message 11 of 262
Valued Member

Credit Reports to Exclude Liens and Judgements Starting in July

Many of us knew that changes were in the works amongst the three credit bureaus regarding public record reporting criteria, however, this article confirms that it is just around the corner. I hope that my liens are among the first to be removed.

 

http://finance.yahoo.com/news/credit-reports-exclude-certain-negative-223300291.html

Message 12 of 262
Contributor

Re: Public Record Changes in Credit Reports


ohnomyfigo wrote:

Was your lien removed recently?


EX removed my state tax lien about 2 months ago.  It was almost 6 years old.  No go for EQ or TU.  Hoping this goes as planned.  I was in the same boat as the other poster.  Enrolled in payment plan and making payments on time when the lien showed up on my report.

Message 13 of 262
Valued Contributor

Tax liens excluded as of 7/1/17

I saw this story on the news - 

 

Here's potentially good news for consumers: The nation's three largest credit-reporting agencies will soon exclude tax liens and some civil debts from their reports.

The change by Equifax, Experian and TransUnion will take effect July 1, as part of a plan to ensure that consumer identifications in the data are accurate and current, the Consumer Data Industry Association, a trade association for the companies, said Monday.

 

In a revision that could improve consumers' credit scores, the credit agencies will exclude the tax liens and civil debts if reports on those obligations don't include a consumers' names and addresses, as well as Social Security numbers and or dates of birth, the CDIA said. Many liens and most judgments don't include all of that data, in part because Social Security numbers are often redacted for security reasons.

 

Additionally, the records won't be included without courthouse visits to obtain newly filed and updated public records at least every 90 days.

"Equifax, Experian and TransUnion continually seek ways to ensure the data they maintain on their consumer credit files is accurate and current, to best serve consumers and the needs of their business and government customers," CDIA Interim President and CEO Eric Ellman said in a statement. He added the change was part of the National Consumer Assistance Plan the credit reporting firms announced last year.

 

However, the changes also likely result from new oversight of the credit-reporting agencies by the Consumer Financial Protection Bureau, as well as enforcement settlements by more than 30 state attorneys general, said Chi Chi Wu, a staff attorney for the National Consumer Law Center. Those actions focused on credit-reporting errors that harm consumers.

 

http://www.usatoday.com/story/money/2017/03/13/reports-credit-scores-soon-exclude-some-debts-liens/9...

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 14 of 262
Valued Contributor

Re: Tax liens excluded as of 7/1/17

I'm going to take a look at my 3 liens to see if it looks like they will be deleted.  That should give my scores a nice bump! 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 15 of 262
New Contributor

Re: Public Record Changes in Credit Reports

I wonder if we have judgments will we have to call in or dispute to see if it qualifies for removal? Or will it be automatically?? Hmm
Message 16 of 262
Valued Contributor

Re: Public Record Changes in Credit Reports

It should be automatically removed if it doesn't meet their reporting requirements.
Message 17 of 262
Moderator

Re: Public Record Changes in Credit Reports


sjt wrote:
It should be automatically removed if it doesn't meet their reporting requirements.

Yeah, I have no idea if I'm going to be happy or sad on that day heh; hoping for the best especially with regards to Transunion since EX is set to exclude in September and Equifax in December... whereas TU's suck exclusion period has it on till 11/2018.  Bleh.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 18 of 262
Valued Contributor

Re: Public Record Changes in Credit Reports

Why is TU 11/18?
Message 19 of 262
Moderator

Re: Public Record Changes in Credit Reports


sjt wrote:
Why is TU 11/18?

TU's exclusion date is 7 years since paid.

 

EX's exclusion date is 7 years from filing if paid.

 

EQ's I think mirrors EX's but since I paid 11/2011 EX is a little early on the exclusion in their interface.  I don't know why TU is the unfortunate outlier in their exclusion policy, but fortunately worst case it's the bureau I care least about, though strangely my mortgage score there is way higher than either EQ/EX now with just a tax lien, a CFA, and some inquiries (5 EX 3 EQ) showing on those two bureaus but a bunch of lates on TU... go go dirtier bucket I guess.

 

Hoping the lien's being excluded on EX/EQ and the reduced inquiry count fixes my mortgage scores which are the only ones I really care about at the moment since I'm likely moving in about a year.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 20 of 262