Equifax, Experian, and TransUnion plans to omit some of that negative information considered to be all tax-lien and civil judgement data from millions of Americans’ credit reports beginning July of 2017. That is if they do not include a complete list of a person’s name, address, social security number and date of birth.
You may be wondering, why the change? Recent reports from the Consumer Financial Bureau found that the reporting firms weren’t doing an adequate job of identity matching and record updating when compiling data resulting in errors on at least one of five customers in one of three of their three major credit reports.
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Major Changes to Credit Scores Summary:
- Omit all tax-lien and civil judgement data starting July 2017.
- This is to provide more accurate data across all three of the major credit bureaus.
- Expectations to raise credit scores and spur additional lending.
Pros:
- Improves credit scores
- Gives a more accurate reading
Cons:
- May “make someone who has poor credit look better than they should.”
Conclusion:
Equifax, Experian, TransUnion plan to omit ax-lien and civil judgement data starting July 2017. This is to further increase the accuracy of all data spread across one’s three major credit bureau reporting. Considering that this may improve your credit score, it can also make someone who has poor credit look better than they should. In-adequacy within identity-matching and record updating with compiled data affects 1 in 5 Americans, so this is definitely good news. Don’t forget to check out our full list of Credit Card Bonuses if you’re not interested at the moment.
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