Craig Stevens

Craig Stevens

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Credit score changes are coming in July

Credit score changes are coming in July that can only have a potentially positive impact:

Bottom Line: It's rare that changes that the credit rating agencies make have the potential to only help people without the potential for some to be hurt by new criteria but that's the case with what's set to happen this summer. According to the Wall Street Journal,  an agreement has been reached according the big three agencies (Expierian, Equifax & Trans Union) to remove tax liens and civil judgments from credit score consideration if they don't include completely correct information (name, address, date of birth, Social Security number). In recent years it's been found that errors on credit reports that have a negative impact on one's score are most common with those two types of reporting. The WSJ cited as many as 8 million complaints in a year (2011) with incorrect reporting related liens & judgments. 

Right now there are an estimated 11 million people who likely are being hurt by incorrect reporting in one of these two areas and likely don't even realize it. The average improvement is expected to be twenty points when this hits this summer. With so many people being hurt during the Great Recession locally, we likely have a disproportionate number of people who will benefit throughout Palm Beach County.



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