I received this excellent information from Credit Repair Resources, and I know many of you will be interested in this news:

So another bombshell hit the credit reporting and lending world this week. This time it is potentially big news for millions of Americans and thousands of lenders. In the ongoing effort to provide accurate credit reporting to consumers, the three major credit reporting agencies, Equifax, Experian and TransUnion have announced that in July, 2017 many tax liens and judgments will be removed from consumer credit files.

I thought I would add insight into why this move was made by the CRA’s. The key reason is, wait for it…. identifiers.

You see as part of the ongoing overhaul of the credit reporting system, entities that report information to our credit report, otherwise know as furnishers must provide specific information that accurately ties the account to the consumers credit file.

Public records like tax liens and judgments often do not contain the required identifiers that permit those accounts to be reported. After July of this year, any lien or judgment that does not contain the proper information will be purged from consumer files.

Now in the near term this is excellent news, but it is not all puppy dogs and ice cream. There is always a caveat. We must consider that government agencies and lien holders are not going to take lightly to this. I hate to make assumptions, but I will make the assumption that there will be pressure applied to court houses and Lexis Nexis to improve their record keeping.

It is also important to know that this will not affect all Americans with these items. If the lien or judgment does contain the proper identifiers, it can remain on the consumer’s credit file.

It will be interesting to see how this impacts the mortgage world, but at first glance, Summer 2017 is looking to a very busy one for the mortgage industry!

~ Written by Chad Kusner, President, Credit Repair Resources (Posted here with permission.)

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