FAQ: Can parking tickets or library fines be added to my credit report?

Can parking tickets or library fines be added to my credit report?

Fines triple (Photo credit: Wikipedia)

FAQ: Can parking tickets or library fines be added to my credit report?

UPDATE:  All debts such as tickets or fines that do not arise out of a contract with the consumer will be deleted and expunged as of March, 2015.

The FAQ: Can parking tickets or library fines be added to my credit report? is not directly addressed in the FCRA.

Parking tickets and library fines are not added to credit reports as a matter of policy

As a matter of policy the credit reporting agencies do not report them, although they are not forbidden from doing so. Can parking tickets or library fines be added to my credit report?  Only this way. There is always the possibility that debts of this nature could become a court judgment.  A court judgment can be picked up and added to the “Public Records” section of your credit reports.  If that judgment were then given to a debt collector the debt collector could report the judgment to the credit bureaus.  I suppose this is in the category of things you can worry about if you are looking hard for something to worry about.

Other things not on your credit report

Utility bills are not reported to the credit bureaus.  If you are chronically late with these it won’t show unless it becomes a judgment given to a debt collector.  Most landlords do not report rent payments either way although there is a movement to permit that if they want to pay a fee and submit to the paperwork requirements..  Cell phone payments are not reported but the cell phone industry have their own system to weed out the trouble makers.

FICO does not consider claims of less than $100.00 at all.

Beware of judgments

Debts that are allowed to become judgments become fair game to have the judgment reported to the credit bureaus.  Small claims court judgments are particularly annoying to find in credit reports.  You can be on the wrong end of a small claim judgment if your neighbor sued you over a barking dog.  Petty as it sounds these judgments can really hurt your credit score.  It’s the fact that the judgment exists at all that counts to FICO‘s computer more than the amount of money it represents.  The recency of the judgment is of paramount importance.

Recency of Negatives is Key

Negatives recede in importance to credit scoring as time passes by.  The algorithms say that they become “less predictive” of future default as time goes by.

Can parking tickets or library fines be added to my credit report?  Not unless there is a judgment.

 

 

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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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