Phone Call Us 414-326-9231
Toll Free 866-678-9352
Text Us 414-277-7742

Big 3 Credit Reporting Agencies Just Announced A Big Change

Worried about your credit? New changes in credit reporting could improve your score. The big three credit reporting companies, Equifax, TransUnion and Experience just announced that they may remove reports about tax liens and civil judgments if data in them is missing specific information.

Credit reporting agencies will require tax lien and civil judgment data to include the following information about a person:

· Name

· Address

· Social Security Number

· Date of Birth

Many people may see a boost in their credit reports when these changes go into effect July 1st, because data sent to reporting agency seldom contains all of this information. The requirements will apply to both new and existing data.

Who will benefit the most?

The people who will benefit the most from these changes will be individuals in the toughest financial circumstances. Those with low credit scores with either a civil judgment or tax lien.

Individuals who are struggling financially and have low credit scores are often forced to accept loans and credit cards at higher interest rates, often from predatory lenders. This often pushes people deeper into financial crisis. For many, the best way to stop this downward spiral is to consider debt resolution options such as bankruptcy.

Why now?

The changes were in response to concerns about errors in credit reports following a Consumer Financial Protection Bureau study that credit bureaus were providing misleading information about the credit reports they were providing and sometimes inaccurate information within the reports themselves. The study added further ammunition to the CFPB's concerns that lenders have been too dependent on credit reports to make lending decisions.

Lending agencies have responded by making a pledge to more rigorously screen their data to ensure that it is more accurate.

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Law Office Map