Your Credit Scores May Increase This Month

Dated: 05/03/2018

Views: 197

If your credit scores are a little higher all of a sudden and you can’t figure out why, there’s an explanation.

Starting April 16, all three credit bureaus (Experian, Equifax, and TransUnion) will remove all tax liens from consumer credit reports. If you’re facing a tax lien, that information could be dragging your credit score down by as much as 30 points on the FICO® scale of 300 to 850, according to LexisNexis. With all tax liens stricken from the credit record, some consumers may see a jump in their scores.

The change is a result of a Consumer Financial Protection Bureau Study that reported issues with the way information was sent to credit bureaus. Last July, all three bureaus implemented changes to how they would include items such as civil judgments and tax liens on consumer credit reports.

The new rules required that public records data, such liens, and civil judgments, had to contain a consumer’s name, address, Social Security number, and/or date of birth. The information also had to be refreshed every 90 days. If public records data did not meet this criteria, they had to be excluded from credit reports.


Information courtesy of Experian

Want to Advertise on this Site?

Latest Blog Posts

How Long Do Most People Stay In Their Home

People are staying in their homes longer now than in the past. Keeping Current Matters had an article this week on the current statistics and also explained the possible reasons why (see below.)

Read More

Down Payment Requirements To Purchase A Home

What is your perception of what kind of down payment is required to purchase a home?There are several different options available.  Some programs offer no down payment and some programs offer

Read More

Utah Is Among The Top 10 States For Highest Homeownership According To The US Census Bureau

Utah ranks in the Top 10 states when it comes to the highest percent change in house appreciation, according to the House Price Index by the Federal Housing Finance Agency. The report noted

Read More

Your Credit Scores May Increase This Month

If your credit scores are a little higher all of a sudden and you can’t figure out why, there’s an explanation.Starting April 16, all three credit bureaus (Experian, Equifax, and TransUnion)

Read More