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Could Changes to Credit Reporting Boost Your Credit Scores?

Beginning in July 2017, millions of Americans could see an increase in their credit scores as the TransUnion, Experian, and Equifax, the three major credit agencies, drop tax liens and civil judgments from their reports.

FICO says about 12 million of the 200 million credit consumers will see an increase of about 20 points. This is good news for consumers because credit scores are used almost ubiquitously by everyone to indicate credit worthiness.

Why are the companies no longer including this information?

These changes are occurring as a result of a settlement with lawmakers in more than 30 states. The officials found the alleged liens and civil judgments were frequently attached to the wrong people, thus hurting their credit access for a home or car.  Since liens and judgments represented major derogatory events, the fall off of this category could make a huge difference for some.

So, as of this month, if the lien or judgment fails to match three out of four criteria, it will no longer appear on the credit report.

As a result of these changes, look for new oversight of credit reporting agencies by the Consumer Financial Protection Bureau as the new rules are enforced. Possible, too, credit lenders may become more stringent in their practices since they will now have less assurance that consumers can pay back the borrowed monies.

An agency such as can provide accurate credit reporting. A professional agency bases its reputation on the accuracy of reporting structures according to federal and state mandates.


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