Your Credit Score Might Jump This Week Due to New Reporting Rules
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Some consumers might see their credit scores jump this week, thanks to new scoring rules from the Consumer Financial Protection Bureau that go into effect Monday.
The new scoring techniques mean that the three major credit reporting bureaus — Experian, TransUnion and Equifax — will now exclude tax liens from all credit reports. About 11% of consumers will see a tax lien removed from their information and have their scores positively affected, according to a prediction from LexisNexis Risk Solutions, with as much as a 30-point bump in their scores possible.
Other industry experts say the positive effects will be more limited. The Consumer Data Industry Association predicts “only modest credit scoring impacts.”
In July 2017, the three credit bureaus deleted all civil judgement information and about half of tax lien data from US credit reports, which also caused a bump in some credit scores. Monday, the remaining 50% of tax lien data will be factored out of consumers’ scores.
The changes in credit reporting standards follow a study last year by the Consumer Financial Protection Bureau that found the three major credit reporting bureaus did not conduct reasonable investigations when consumers disputed something in their reports and laid out more accurate guidelines for the bureaus’ use of public records.
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