Reporting Change Could Raise Credit Scores, Risk

Posted To: MND NewsWire

The three major credit reporting agencies have announced a significant change in their credit reporting metrics that could both boost credit scores for millions of consumers and cause potential problems for lenders. The Consumer Data Industry Association, a trade group representing credit reporting companies said late Monday that the three major companies that provide credit data, Equifax, Experian, and TransUnion , will soon remove tax lien and civil judgment data from some consumer credit records. The removal will impact most such existing data and, going forward, the way new data must be reported from the source. Starting July 1, public records data must include three of four data points , the consumer’s name, address, and either a social security number or a date of birth. Existing records…(read more)

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Source: Mortgage News Daily

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