Coming July 10, 2017: Tax Liens, Judgments Removed from Credit Reports, per New Federal Law

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A new federal law requires the credit bureaus (also called credit reporting agencies or CRAs) to remove tax liens and judgments from credit reports if they do not include the proper information identifying them to the individual.

It is estimated that 60% of tax lien information will be removed from credit reports and ALL civil judgment records will be removed!

A release from TransUnion gives some insight about what to expect:

  • Based on feedback, most Bankruptcy information will meet the minimum reporting requirements, so don’t expect those to go away.
  • The new standards will apply to both new and existing public record data.
  • Minimum identifier data required: Name, Address, Social Security # and/or Date of Birth
  • Minimum frequency courthouse visits to obtain newly filed data: 90 Days

When it will roll out: During the week of July 10, 2017, the CRAs will remove from their databases previously collected public record data that does not meet the enhanced standards.

Please pass on/share this news, because it will give a lot of folks new hope that they are not forever stuck in bad credit.

Many thanks to Credit Repair Resources, Inc. for this information. benjamin@crr760.com

 

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