Public records and collections are derogatory items because they reflect financial obligations that were not paid as agreed. The only type of public record information that would appear on your credit report is a bankruptcy filing. Filing for bankruptcy is considered derogatory because you are telling all your lenders that you will not be able to pay them in full, or at all.
There are two types of bankruptcy that typically appear on a consumer credit report: Chapter 7 and Chapter With Chapter 13 bankruptcy, you enter an agreement to repay a portion of the debts owed through a payment plan.
How to Remove Public Records From Your Credit Report
Chapter 13 bankruptcy plans can take years to complete and are removed from the credit report seven years from the date they were filed. With a Chapter 7 bankruptcy, you do not repay any of the debt. Chapter 7 bankruptcies are usually discharged just a few months after filing and remain on the credit report for 10 years from the date they are filed.
Any account that is seriously past due can be considered derogatory. When an account is seriously past due, the lender may transfer the account to a collection agency. The collection agency can then report the collection account as a separate listing on your credit report. Collection accounts remain on the credit report for seven years from the original delinquency date. When a credit score is calculated, a series of risk factors are generated.
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The risk factors describe what from your credit history most affected the score you received. Even if you've had serious credit difficulties in the past, it is possible to begin rehabilitating your credit scores. The longer ago your bankruptcy or collection account occurred, the less it will impact you, and paying off outstanding collection accounts could help your credit scores right away. Going forward, you can improve your credit scores by:. Thanks for asking.
Public Records That Can Appear in Your Credit Report
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A section on your credit report is reserved for public records.
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These are entries that are also on file with a local, county, state, or Federal court. After a serious delinquency, your creditor may take legal action against you. If the court finds in favor of the creditor, the action will become a matter of public record, and in some cases, the action will find it's way to your credit report.
Public records that can appear on your credit report include bankruptcy, judgment, or a tax lien. In some states, foreclosure and repossession are also public records. These entries are also the worst types of entries to appear on your credit report because they show a serious delinquency. Not all court actions are placed on your credit report.
Divorce, for example, is a matter of public record, that doesn't show up on your credit report or affect your credit score. Typically only public records that stem from a debt affect your credit.
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Most public records can remain on your credit report for seven years. Chapter 7 bankruptcy, however, can stay on your credit report for up to 10 years. In California, tax liens can stay on your credit report up to 10 years from the date the lien was filed. Unpaid tax liens, in some cases, may stay on your credit report for up to 15 years.
If a public record is on your credit report in error, you can use the credit report dispute process to have it removed.