Letting Public Records Fall Off

[rebuildingincb]

Hi all,

I am new here, so I hope I don't break any rules with this (my first) post.

I am rebuilding my credit after the loss of a business in 2007. Current scores are: Ex: 566 TU: 604. I just purchased my home, owner finance for 2 yrs, I need to refi by then, so I am shooting for a 700 by that time (or sooner if possible while rates are low).

Currently, I have $3k limit on 4 different cards, and am at about 63% utilized. My main goal over the coming months is to lower that to 10%.

I also have several collection accounts, I sent PFD's for 3 of them. I got a letter back stating they couldn't verify one and it would be removed. Nothing about deleting. I called them this morning and they said they don't delete after it's reported. Should I just pay it off and move on?

Finally, I have 2 PR's. One dated 11/06 the other 3/07. According to what I have read, they will be falling off my report. Is this correct?

Thanks in advance for your responses!

[electra]

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@rebuildingincb wrote:

Finally, I have 2 PR's. One dated 11/06 the other 3/07. According to what I have read, they will be falling off my report. Is this correct?

Thanks in advance for your responses!

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That depends....what type of PRs?  Tax liens? Judgments? Bankruptcy?

[rebuildingincb]

Judgements, both of them.

[hdrider07]

Some judgments can be renewed, so I would caution about counting on them falling off, and even if they do fall off your credit report they are still a public record that you are responsible for and whoever has it against you could go down the path of wage garnishment.

[RobertEG]

+1

Just as with any other adverse information that becomes excluded from a consumer's credit report, that is only one aspect of shielding the item from discovery by others.

While the adverse item, be it a public record, collection, etc., may no longer be conveniently discovered by a simple pull of the consumer's credit report, the adverse item itself still exists, and in many cases can be readilty discovered by other means.

That is particularly true in the case of public records, which are easily found by a simple public records search.

Unpaid collections may be discovered by other means, such as simply asking the creditor if they have any unpaiid, delinquent debt, or questions that might arise upon a manual review of the consumer's credit report showing a debt with an OC with no reporting of its ultimate satisfaction.

[rebuildingincb]

Thanks for the replies. I am not trying to get out of the debt(s) just trying to improve my credit score ASAP.

[rebuildingincb]

Thanks for the replies. I am not trying to get out of the debt(s) just trying to improve my credit score ASAP.

[xcaliber]

Will a person's credit score rise when a judgement is satisfied and reported as such?

[guiness56]

No.  Satisified or unsatisfied are scored the same.  There are rare instances where someone have seen a small rise in score.

[RobertEG]

+1

However, while your score wont normally be effected by payment, if you still have a PR on your report, chances are good that anyone reviewing your report will look to see if it as been satisfied.  If not, that alone can be basis for denial of credit, regardless of score.

It is always best, in my opinion,  to satisfy unpaid, delinquent debt to prevent it from becoming a future issue, regardless of CR exclusion of adverse items reported on the debt.

[xcaliber]

Thanks for info. I have paid them and had to dispute them on my Experian and Transunion because they still showed as I owed. That was earlier this month and I was hoping that it would increase my score some.