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Why millions of consumers will see a credit score boost

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03/22/2017 | Author: Editorial Staff

Millions of consumers should see a bump in their credit scores thanks to changes being implemented by the three major credit-reporting agencies.

Experian, Equifax, and TransUnion will remove certain tax liens and civil judgments from credit reports starting July 1. The move is part of the credit bureaus’ National Consumer Assistance Plan, created to make credit reports more accurate and easier to correct for consumers.

Tax liens and civil judgments that include a name, address, and a birth date or Social Security number will stay on credit reports, but a vast majority of civil judgment data and about half of tax lien data don’t meet this standard, according to the Consumer Data Industry Association. Omitting this data will improve the FICO scores of about 12 million U.S. consumers, according to the company. Of those, 11 million will see an average increase of 20 points, while about 700,000 U.S. consumers will see a bump of about 40 points.

These changes come after regulatory concerns and settlements with more than 30 states over how the three major credit-reporting agencies handle errors on reports.

Categories: Buyers
Tags: buyers, credit report, credit score

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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