The public credit record is the section in your credit report dedicated to public records. These are entries that are also found in a local, county, state, or federal court file.
Public Records That Appear on Credit Reports
Public records that can appear on your credit report include delinquency, judgment, or tax lien. In some states, eviction proceedings and foreclosure are also considered public records. These entries are also the worst types of entries that can appear on your credit report because they indicate serious delinquency. However, since 2017, only bankruptcy cases can appear on your credit report.
Time Limits for Public Records on Credit Reports
Most bankruptcy records can remain on your credit report for seven to ten years. However, Chapter 7 bankruptcy can remain on your credit report for up to ten years. Evictions can stay on your report for seven years.
Removing Public Records from Your Credit Report
If there is a public record on your credit report in error, you can use the credit report dispute process to have it removed. You also have the right to dispute the error with the court that filed the entry if the credit bureau does not remove the error.
Improving Credit After a Public Record
Although public records severely damage your credit score, especially when the item first appears on your credit report, it’s not the end of the world. Over time, the old record affects your credit score less. Paying all your other accounts on time and keeping debt levels low can also lessen the impact on your credit score.
Takeaway
The public credit record is the section in the credit report dedicated to public records, which are also found in a local, county, state, or federal court file. After a serious delinquency, your creditor may take legal action against you, and the action may become a public matter, and in some cases, the action may find its way to your credit report. Public records that can appear on your credit report include bankruptcy, judgment, or tax lien. Most bankruptcy records can remain on your credit report for seven to ten years, while evictions can stay on your report for seven years. If a public record is incorrectly present on your credit report, you can use the credit report dispute process to remove it. If the credit bureau does not remove the error, you also have the right to dispute the error with the court that filed the entry. Although public records severely damage your credit score, especially when the item first appears on your credit report, it’s not the end of the world. Over time, the old record affects your credit score less. Paying all your other accounts on time and keeping debt levels low can also lessen the impact on your credit score.
This article has been rephrased and translated from the original source: https://www.thebalance.com/public-records-and-your-credit-report-960458
Source: https://www.thebalancemoney.com/public-records-and-your-credit-report-960740
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