Millions Receive Credit Score Bump

According to FICO, we are seeing national average credit scores rise since the last recession. This movement has moved many out of the subprime borrowing category, with an average 700 credit score. FICO reported these statistics before NEW CHANGES have taken affect in July of this year.

As of July 1st your credit score will no longer be assembled by poor documented tax liens related to unpaid state and federal taxes. Alongside, tax liens more consumers will find the biggest break in civil judgments no longer making a presence on credit reports. BUT NOT EVERYONE WILL SEE THESE CHANGES. As we know, judgments for money and liens typically did not include birthdates and social security numbers, as documentation requirements were very minimal. Tax liens and judgments that did not include such data will be scrubbed as of July and be removed from credit reports. Keep in mind, bureaus will check for updates or new records at least once every 90 days.

SO IF YOU WOKE UP WITH A CREDIT CHANGE. This very well could be what contributed to an increase of 10, 20 or even 40 points to your credit score.

There is two different ways to take these changes. One, may and SHOULD take the change with the bump in score and use it to get all this debt paid off to ensure your credit remains high and in good standard. The second way many may take the change is the validation of statement, "If I don't see it I don't need to address it". BE THE SHOULD NOT THE VALIDATOR. Speaking of validating truth. Keep in mind that this is just voluntary action the bureau are taking and this is NOT AN AMENDMENT OF THE FAIR CREDIT REPORTING ACT. That means you will not be able to file a complaint if a legitimate judgment or lien is listed. You will also not receive any notices but you can check your credit report at www.annualcreditreport.com or call 877-322-8228.

MORE CHANGES ARE COMING ......

1. More identifying information........

2. Medical Collections and Insurance accounts.....