July 1st Introduces Important Credit Score Changes

Financial Tip of the Day:

On July 1st, some great changes were made to the credit score reporting system. Two types of public records – civil court judgments and tax liens – will no longer be reported for many consumers.  The criteria for reporting these types of info have been tightened, so any public records missing the required info will be dropped from credit reports (but be sure to still tend to these if they exist). If you've had either one of these in past reports, your credit score may show a noticeable increase going forward: Your Credit Score May Soon Look Better.

By the way, if don’t know what’s in your credit report(s), now’s a perfect time to find out. I can’t count the number of times that clients were completely surprised by what was in their reports while reviewing them together. That’s the first step in taking control of your credit report and credit score. If you discover something that you don’t understand/know how to handle, be sure to seek out other resources for help (online research, a financial professional, etc.).