This is the date when 12 million consumers could see their FICO credit scores increase and more importantly this is the date when millions of Judgments and Tax Liens will be purged and deleted from credit reports.
As part of a nationwide settlement from over 30 states, the 3 credit reporting agencies. Experian, Equifax, and TransUnion, will remove these public records from consumer credit reports if the lien or judgment does not match a minimum of 3 out 4 criteria which are name, address, date of birth, and social security number.
This does not mean that ALL judgments and tax liens are going to be deleted but, those 12 million consumers with at least 2 errors on their accounts can expect to see their scores increase about 20 points come July.
But, that’s not all, the new guidelines will also include a requirement that public records are checked and updated at least every 90 days – if the guideline isn’t followed, the judgment and tax liens are to be removed off the credit reports.
This is a big win for consumers and a huge step in the right direction toward accuracy and fairness.