Standardization of Public Records on Credit Reports


Standardization of public records on credit reports taking affect after July 1st, 2017.

Standardization of Public Records on Credit Reports

In June 2016, the Credit Reporting Agencies (CRAs - TransUnion, Equifax, and Experian) announced enhanced public record data standards for the collection and timely updating of public record data reported on consumer credit reports. The enhanced standards require:

(i) Minimum consumer identifying information (name, address, social security number and/or date of birth (“PII”) and; (ii) Minimum collection frequency for public records (at least every 90 days).
These enhanced standards will apply to new and existing public record data on the CRAs’ respective consumer credit reporting databases. As previously announced, these enhanced standards are effective July 1, 2017.

Standardization of Public Records on Credit Reports

Based on information provided from the CRA’s they expect bankruptcy public record data will continue to meet the enhanced collection and reporting standards. However, civil judgments and approximately half of tax lien data are not expected to meet the enhanced standards.

During the week of July 10, 2017, the CRAs will remove from their databases previously collected public record data that do not meet the enhanced standards. This includes the removal of all judgment public records and the portion of tax liens not meeting the enhanced standards.

Despite the anticipated loss of significant volume of public record data from credit files, impact analysis conducted by the CRAs, as well as leading scoring model companies using CRA data, shows a modest risk scoring impact and minimal loss in predictive performance as a result of these changes.


Standardization of Public Records on Credit Reports


Short-term: An affected consumer may see some public records previously on their credit report disappear. Depending on the age and activity from the record(s), this could positively affect their credit score.

Long-term: Some public agencies will endeavor to eventually comply with the new standards. Based on the aging of the item at that time some consumers may see such records return to their report.


Standardization of Public Records on Credit Reports

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