Big changes beginning next month could mean good news when it comes to credit scores for millions of Americans,
The three major credit bureaus are making changes which will have a big impact on consumers’ credit scores and borrowing capabilities. Additional information and more frequent updates will now be required. According Jill Gonzalez, an analyst with the personal finance website WalletHub, that means all civil judgments and many tax liens will be removed from credit reports.
“Up to 20 million people’s credit scores will rise pretty much overnight come July," according to Gonzalez. “We’re seeing that all three bureaus, Experian, Equifax and TransUnion, are making changes to their civil judgments and tax liens rules. These records must now have your name, address, date of birth, and/or social security number, as well as be updated every 90 days.”
Those changes go into effect July 1st. Not everyone will be affected, people with credit scores above 600 have less than a 2% chance of seeing their scores rise.
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