Did your credit score improve July 1st? Here is why.
Starting July 1 another portion of the National Consumer Assistance Plan will go into effect and it should have a big impact on credit scores. The Repositories; Equifax, Experian, and TransUnion will exclude public tax lien and civil judgment data that doesn’t meet the new minimum reporting standards. According to the Consumer Data Industry Association, new and existing tax lien and civil judgment data must include a person’s name, address and either a Social Security number or date of birth in order to be included in credit repository file.
What can you expect?
Last September, The National Consumer Protection Plan limited the debt that could be reported without the proper agreement with the consumer. That stopped the reporting of things like library fines and traffic tickets. This agreement helps consumers because it makes the credit profiles more accurate. Stay tuned to our Blog for more information on theNational Consumer Assistance Plan there is more to come. If you are ready to start the mortgage process now and get a Fannie Mae conditional approval in just minutes try our SNAP mortgage process.