{"id":1961,"date":"2017-03-15T00:00:00","date_gmt":"2017-03-15T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/this-could-boost-millions-of-credit-scores\/"},"modified":"2017-03-15T00:00:00","modified_gmt":"2017-03-15T00:00:00","slug":"this-could-boost-millions-of-credit-scores","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/this-could-boost-millions-of-credit-scores\/","title":{"rendered":"This Could Boost Millions of Credit Scores"},"content":{"rendered":"

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Equifax, Experian, and TransUnion announced they will soon remove tax lien and civil judgment data from some consumer credit records. The reason for this change is that many liens and most judgments fail to include vital pieces of information. Beginning on July 1, the public records data the firms use must include these data points: the consumer\u2019s name, address, and either a social security number or a date of birth. Existing reports that fail to comply will be struck from the consumer\u2019s credit record and new data that does not have that information will not be added.<\/p>\n\n

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Learn about other ways the real estate<\/a> industry is calling for credit scoring to better reflect how people live their lives today.<\/p>\n<\/blockquote>\n\n

Credit scores are weighed carefully by lenders<\/a> in making decisions about loan<\/a> terms and\u00a0how much consumers can borrow, and can be very important in securing a sustainable mortgage<\/a>. FICO estimates the changes will cause an improvement to about 12 million consumer scores; however\u00a0the boost will\u00a0be modest, likely less than 20 points.<\/p>\n\n

In recent months, several lawsuits brought by states have been pushing credit reporting companies to remove some categories of negative data from credit score reports, such as information related to library fines or gym memberships. But some experts fear removing negative public record information could pose a greater risk to lenders who are trying to predict borrowers\u2019 creditworthiness. For example, LexisNexis Risk Solutions, a company that provides such information to credit bureaus and lenders, says consumers with liens or judgments are twice as likely as others to default on loan<\/a> payments.<\/p>\n\n

\u201cIt\u2019s going to make someone who has poor credit look better than they should,\u201d asserts credit specialist John Ulzheimer, a former manager at Experian. \u201cJust because the lien or judgment information has been removed and someone\u2019s score has improved doesn\u2019t mean they\u2019ll magically become a better credit risk.\u201d<\/p>\n\n

Source: \u201cReporting Change Could Raise Credit Scores, Risk,\u201d Mortgage News Daily (March 14, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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Equifax, Experian, and TransUnion announced they will soon remove tax lien and civil judgment data from … This Could Boost Millions of Credit Scores<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1962,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1335,400,408,41,818,84,1429,15288],"class_list":["post-1961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-credit","tag-credit-score","tag-mortgage","tag-property","tag-real","tag-real-estate","tag-real-estate-industry","tag-social-security"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4007,"url":"https:\/\/amazingproperty.com.ng\/blog\/think-your-credit-score-is-too-low-to-buy-a-house-maybe-not\/","url_meta":{"origin":1961,"position":0},"title":"Think Your Credit Score Is Too Low To Buy A House? Maybe Not","author":"Amazing Property","date":"April 30, 2017","format":false,"excerpt":"\u00a0 When it comes to your credit score, how low is too low? The number you really need to buy a house. We all know that when it comes to buying a house, there are a few things we need, like a down payment and a good enough credit score\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4207,"url":"https:\/\/amazingproperty.com.ng\/blog\/bad-credit-can-triple-home-insurance-costs\/","url_meta":{"origin":1961,"position":1},"title":"Bad Credit Can Triple Home Insurance Costs","author":"Amazing Property","date":"May 5, 2017","format":false,"excerpt":"Homeowners with a bad credit score can expect to pay double\u2014in some cases, even nearly triple\u2014what owners with solid credit pay for their home insurance, according to a new state-by-state study by insuranceQuotes. Policyholders with fair credit pay an average of 36 percent more than those with excellent credit, the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4931,"url":"https:\/\/amazingproperty.com.ng\/blog\/12m-new-households-1m-fewer-homeowners\/","url_meta":{"origin":1961,"position":2},"title":"12M New Households, 1M Fewer Homeowners","author":"Amazing Property","date":"June 12, 2017","format":false,"excerpt":"[ad_1] NAR President William E. Brown, left, and UC-Berkeley economist Ken Rosen discussed solutions that will increase the homeownership rate and bolster the national economy. What will it take to make homeownership a national priority? Despite the addition of about 11.8 million households between 2006 and 2016, there are roughly\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/NAR_Bill_Ken.jpg?fit=620%2C396&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/NAR_Bill_Ken.jpg?fit=620%2C396&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/NAR_Bill_Ken.jpg?fit=620%2C396&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7772,"url":"https:\/\/amazingproperty.com.ng\/blog\/california-brokers-mlss-need-to-catch-up\/","url_meta":{"origin":1961,"position":3},"title":"California Brokers: MLSs Need to Catch Up","author":"Amazing Property","date":"January 11, 2018","format":false,"excerpt":"California Association of REALTORS\u00ae CEO Joel Singer led a panel of industry experts Wednesday in search of ideas for how to move the multiple listing services industry forward. \u201cCan this current structure survive?\u201d Singer asked after outlining the many issues MLSs face, from technology to competition and changing consumer behavior.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Jan18 Dn Mlspanel.jpeg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_mlspanel.jpeg?fit=425%2C227&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2655,"url":"https:\/\/amazingproperty.com.ng\/blog\/freddie-to-aid-those-without-credit-scores\/","url_meta":{"origin":1961,"position":4},"title":"Freddie to Aid Those Without Credit Scores","author":"Amazing Property","date":"March 28, 2017","format":false,"excerpt":"Mortgage financing giant Freddie Mac has expanded access to credit for American families without credit scores. 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