It can be confusing to parse through the different sections that make up a credit report, especially if you’re someone with a lengthy or complicated credit history.More changes are coming, according to an announcement made by the three credit bureaus — Experian, Equifax and Trans Union — that will potentially impact the credit scores of around 12 million Americans.Among the changes being required by the CFPB are improved standards for matching public records data to the correct people as well as more frequent updates to this information in people’s credit reports.For those whose credit scores are currently dragged down by derogatory civil judgements and tax liens in their credit reports, this could mean a boost in creditworthiness as their credit scores go up.Our goal is to maintain accurate information on your Trans Union credit report.By law, Trans Union is obligated to verify the accuracy of the information on a credit report that you dispute.
Attorneys general alleged liens and civil judgments were often attached to the wrong people, unfairly hurting their ability to access credit for a home, car or gym membership.
According to FICO, out of the 200 million Americans with credit scores, 12 million consumers will see them increase in July. FICO projects 11 million consumers will see a score increase of less than 20 points.
"It's good news for the consumer, clearly, because the credit score is used almost ubiquitously across the world of consumer finance, and lenders use it, insurance companies use it, credit carders use it," said John Ulzheimer, a credit specialist who has worked for Equifax and FICO.
Civil judgments and tax liens appear in the public records section of your credit reports, and since most judgments and many liens don’t typically include all of this information, it’s likely that millions of people across the country will see this information wiped from their credit reports.
These changes are in response to research performed by the Consumer Financial Protection Bureau (CFPB), which was released in a report earlier this month, to uncover and correct problems in the credit reporting industry.