Negative Marks to Fall Off of Credit Report in July
Up to 14 million Americans could see a positive change in their credit score very soon. Why?
Starting July 1, Equifax, Experian and TransUnion—the three major U.S. credit bureaus—will begin enforcing strict standards on the public records they collect. After July 1, these credit bureaus will require each citation to include the individual’s name, address and either Social Security number of Date of Birth. Today, nearly 50% of all civil judgments and at least 50% of tax lien records do not meet these new standards. Anything not meeting these standards will be removed from consumer credit reports.
The change will benefit thin-file borrowers and others with negative public records. The deletion of this information will also help thousands of individuals who have found it very difficult to have incorrect information removed from their personal credit files.
An estimated 7% of the 220 million people in the U.S. with credit reports will have a judgment or lien stripped from their credit file according to experts.