New criteria will strip a majority of civil debts and tax lien information from credit reports. For those affected, scores could rise by up to 20 points and these changes already took effect July 1 so you may see improvement in as little as 30 days.
The new standards follow a report by the Consumer Financial Protection Bureau that found problems with credit reporting companies and recommended changes to help consumers.
If you’ve had issues with negative public record information, this may be a good time to talk with a mortgage professional and see if they can prequalify you. Take advantage of these low interest rate while they still last!
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