topic Re: Public Record Changes in Credit Reports in Credit in the News

Public Record Changes in Credit Reports

Shann0n_marie — Thu, 09 Feb 2017 18:24:51 GMT

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.

Re: Public Record Changes in Credit Reports

pizza1 — Tue, 21 Feb 2017 03:08:54 GMT

interesting!! Thank you for posting..

Re: Public Record Changes in Credit Reports

sjt — Fri, 24 Feb 2017 02:21:29 GMT

Thanks for the information!

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

Re: Public Record Changes in Credit Reports

Anonymous — Mon, 06 Mar 2017 16:09:14 GMT

Great information to know. Thanks for the post!

Re: Public Record Changes in Credit Reports

creditguy — Mon, 13 Mar 2017 03:56:25 GMT

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-scores-1489338002?mod=e2fb

Re: Public Record Changes in Credit Reports

vanillabean — Mon, 13 Mar 2017 15:35:04 GMT

The following link may be more accessible to you.

Credit Reports to Exclude Certain Negative Information, Boosting FICO Scores

Re: Public Record Changes in Credit Reports

sjt — Mon, 13 Mar 2017 16:26:31 GMT

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.

Re: Public Record Changes in Credit Reports

tcbofade — Tue, 14 Mar 2017 00:58:01 GMT

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...

Re: Public Record Changes in Credit Reports

Anonymous — Tue, 14 Mar 2017 09:41:13 GMT

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

Re: Public Record Changes in Credit Reports

ohnomyfigo — Tue, 14 Mar 2017 11:31:26 GMT

Was your lien removed recently?

Re: Public Record Changes in Credit Reports

sjt — Tue, 14 Mar 2017 18:09:00 GMT

@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.

Credit Reports to Exclude Liens and Judgements Starting in July

koolerthanmost — Tue, 14 Mar 2017 22:33:25 GMT

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

Re: Public Record Changes in Credit Reports

Anonymous — Wed, 15 Mar 2017 00:38:07 GMT

@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.

Tax liens excluded as of 7/1/17

masscredit — Wed, 15 Mar 2017 08:24:43 GMT

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/99113572/

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

masscredit — Wed, 15 Mar 2017 15:05:10 GMT

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!

Re: Public Record Changes in Credit Reports

Anonymous — Wed, 10 May 2017 03:23:29 GMT

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

Re: Public Record Changes in Credit Reports

sjt — Wed, 10 May 2017 03:31:49 GMT

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

Re: Public Record Changes in Credit Reports

Revelate — Wed, 10 May 2017 04:00:30 GMT

@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.

Re: Public Record Changes in Credit Reports

sjt — Wed, 10 May 2017 05:09:46 GMT

Why is TU 11/18?

Re: Public Record Changes in Credit Reports

Revelate — Wed, 10 May 2017 16:05:46 GMT

@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.