Mike about Money

Your Credit Score May have gone up on July 1

Mike about Money | July 1 Credit Score

​​​​​July 1, 2017 is a big day for every American with a Credit Score. That's the day the three major credit bureaus – TransUnion, Equifax and Experian – implemented a set of policy changes that will have a major impact on consumer credit scores and borrowing capabilities.

By requiring additional information from creditors and more frequent updates required, the credit bureaus anticipate that all civil judgments, and at least half of all tax liens, will be removed from consumers’ credit reports. This is a major change that will have a major impact.

Based on analysis from the free-credit-score website WalletHub, here are a handful of key stats about the scope and impact of these changes: 

6% to 9% of Americans with a credit report (up to 20 million people) will see an improvement in their credit score.
Most people can expect a credit score increase of between 10 and 20 points.

According to WalletHub, People with credit scores from 351 to 500 are most likely to see their credit scores rise. 

People with scores above 600 have a less than 2% chance of seeing their scores rise as a result of these changes.

I believe anything that helps working folks build credit faster is a good thing. 

​Your Credit Reports are your Financial Resume. Your Credit Score tells financial institutions how risky you are and how much they should charge you in fees and Interest to borrow money. You must have a clean Credit Report and a high Credit Score. Clean up your credit report today.

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