Why have Public Records Stopped Reporting on Credit Reports?
Why are most public records vanishing off credit reports? Lenders may not have noticed that a lot of public records have fallen off credit reports. Because of the National Consumer Assistance Plan that went into effect last year most of the public records have been removed. Although a few have remained;
• Bankruptcies that are filed in federal court
• State tax liens
Because state tax liens and bankruptcies are still showing up on the credit reports some people may miss that most of the other type of public records have vanished. Landlord disputes and other small claims court records have been removed. The National Consumer Assistance Plan was designed to increase the accuracy of how the courts were reporting.
Some people are going to say “that’s not good because consumers could hide debt from a new creditor” or the new credit provider. I disagree with that because it’s better to have more accurate information and by far without question, public records were the number one culprit in providing bad information.
I’m seeing this across the board a lot of public records have completely dropped off so if lenders had some borrowers that were close to getting approved but not quite where it might be the time to go back and revisit those credit reports because if they had some inaccurate public record removed.
If their score will improve dramatically so if you had some people in that were on the fence last year and you have a little bit more time at this point during the year to go back and review those files it’s a great time to reach out to those people who are close on credit and coach them up a little bit and get them into the home that they dream of now if you want more tips on how to improve your credit score you can always go to get loan ready com where you have the six steps to improve your and you can buy the new book on Amazon right now if you go to transform your credit Amazon and Google the book will come up if you purchase it and leave me a five star review that would be great I’d really appreciated it
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