What is a public record on credit report?

_{credit report, public records & credit report, British Columbia}

Public records on your credit report are basically info from the government that can shape how lenders view your creditworthiness. These include bankruptcies, consumer proposals, foreclosures, and civil judgments, acting like warning flags signaling past financial missteps to lenders. Understanding these can help you navigate credit challenges ahead. Reach out via phone, text, or live chat if you have any questions.

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_{Understanding public records on your credit report.}

Credit Report Question

What is a public record on credit report? What does it mean if something is listed as a public record on my credit report?

From: Anonymous Question
Location: Abbotsford, British Columbia (BC)
Category: credit rebuilding

Credit Report Answer

A public record on your credit report is basically info shared by government bodies that can really influence how lenders see your creditworthiness. This includes stuff like bankruptcies, consumer proposals, foreclosures, and civil judgments. These records highlight any financial hiccups you’ve had, kind of like warning flags for lenders. So, it’s important to know how they might make it trickier to get credit in the future, especially with regard to your credit score impact.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A public record on a credit report refers to information that has been filed with a court or government agency, which is accessible to the public. This typically includes bankruptcies, tax liens, and civil judgments. If something is listed as a public record on your credit report, it means that this information is part of a legal proceeding or government action and can negatively impact your creditworthiness. The relevant legal framework can be found in the Bankruptcy and Insolvency Act (RSC 1985, c 11), specifically sections concerning the treatment of financial affairs in bankruptcy and near bankruptcy situations.

From: OSB Helper

Related Questions to Public Records & Credit Report

Here are the top 5 most frequently asked questions related to “What is a public record on credit report?” in the context of Canadian personal finance:

1. What types of public records can appear on my credit report?

• Bankruptcy is the only public record that currently appears on your credit report[4].

2. How long does a bankruptcy stay on my credit report?

• A bankruptcy remains on your credit report for 6 years from the date of discharge for a single bankruptcy, and 14 years for multiple bankruptcies[2][4].

3. Can civil judgments and tax liens still appear on my credit report?

• No, civil judgments and tax liens are no longer included in your credit reports as of 2018[1][4].

4. How do public records impact my credit score?

• Public records, particularly bankruptcy, can significantly negatively impact your credit score[1][4].

5. How can I remove public records from my credit report?

• Public records like bankruptcy cannot be removed until the specified period (e.g., 6 or 14 years) has passed; however, you can dispute any inaccurate information with the credit bureaus[2][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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