The credit bureaus (also called credit reporting agencies or CRAs) have adopted a new policy: tax liens and judgments will be removed 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. firstname.lastname@example.org