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 have been 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 if you really feel that you need something to worry about.  There is always the possibility that debts of this nature could become a court judgment.  A court judgment is now rarely reported.  The big 3 credit reporting agencies…Equifax, Experian and TransUnion… entered into a consent judgment to settle a lawsuit by some State attorneys general.  The terms of that agreement make it difficult to report judgments because judgments are difficult to verify with enough accuracy to be fair.  Additionally judgments must be re-verified every 90 days which is very difficult for credit reporting agencies to do.

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.

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?  Even if there is a judgment don’t lose any sleep over it.

 

 

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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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