Your Credit Scores May Increase This Month

Dated: 05/03/2018

Views: 332

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

Why You Need A Real Estate Professional

Given the proliferation of services that help home buyers and sellers complete their own transaction, you may have considered whether you should go it yourself instead of working with an agent.

Read More

How Real Estate Investors Can Continue To Qualify For Reduced Property Taxes

If you have rentals in Salt Lake County you may have received a letter from the Salt Lake County Assessor's Office like the one below. Several clients contact us concerned that their taxes will be

Read More

Is Buying A Townhome A Good Idea

The number of Utah residents purchasing townhomes in Utah is on the rise and more people are choosing that option than ever before!The home prices in Utah have been increasing greatly over

Read More

Appealing My Utah Property Taxes

Right around the end of July and beginning of August, you will receive your property tax statement in the mail. Your property tax statement will come from the county or city assessor’s.

Read More