What is public record on credit report?

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Public records on your credit report are like major financial events from official sources, impacting about 10% of your credit score. Bankruptcies linger for 7–10 years, while consumer proposals stay for up to 3 years. Tax liens and civil judgments no longer affect your credit since 2018. They can significantly influence your financial health, so it’s crucial to manage them wisely. Reach out via phone, text, or live chat if you have any questions.

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Public Records On Credit Reports Question

What is 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: Barrie, Ontario (ON)
Category: credit rebuilding

Public Records On Credit Reports Answer

Public records on your credit report are like those major events in your financial diary, straight from official sources like your local, provincial, or national government. Think about things like bankruptcies, consumer proposals, and court judgments—they can really make waves in your credit life. Now, imagine bankruptcy casting its shadow for 7 to 10 years, while consumer proposals usually hang out for a shorter spell, up to 3 years. These public records typically make up about 10% of your credit score, so they’re not just footnotes—they can seriously sway your financial health. And good news: since 2018, tax liens and civil judgments no longer crash your credit party, so they shouldn’t pop up anymore.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

If something is listed as a public record on your credit report, it means that this information has been officially recorded and is available for review by creditors and others who may check your credit history. The public record indicates a potential risk or liability in your financial situation. Specific regulations governing the handling of public records in credit reports can be found in the Canada Consumer Protection Act and related regulations. Notably, the relevant sections can be reviewed in the applicable legislative texts, such as the Bankruptcy and Insolvency Act (RSC 1985, c. B-3) and the associated regulations under C.R.C., c. 369 and SOR/2007-256.

From: OSB Helper

Related Questions to Public Record On Credit Report

Here are the top 5 most frequently asked questions related to “What is public record on credit report?” in the context of Canadian consumer 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 bankruptcy remain on my credit report?

• Bankruptcy remains on your credit report for 7 to 10 years, depending on the type of bankruptcy filed[1][4].

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

• No, civil judgments and tax liens are no longer included on 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 incorrect public records from my credit report?

• You can dispute the information with the credit bureau and provide documentation to support the removal of the incorrect records[2][5].

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

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