The nation’s three largest credit-reporting agencies will soon exclude tax liens and some civil debts from their reports. The change by Equifax, Experian and TransUnion will take effect July 1st. According to the Consumer Data Industry Association, it is part of a plan to ensure that consumer identifications in the data are accurate and current.
The provision is likely to improve millions of American’s credit scores. If reports on those tax liens and civil debts do not include the consumers’ names, addresses and Social Security number, they will not be reported. Additionally, the records will not be included without courthouse visits to obtain newly filed and updated public records at least every 90 days.
However, there are some controversies surrounding the changes. Although they are likely to help consumers appear more credit-worthy, the updated policies could potentially make loan-screening more difficult for lenders.
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