Major Changes Coming to Credit Reporting

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This blog is for people who are thinking that they might have to file bankruptcy. I have been helping people work through their financial problems for so many years that I know the concerns that come up again and again. I want to provide practical information that you can use right now in helping decide how to take on these complicated issues.

Major Changes Coming to Credit Reporting

By Stephen Behrends, Sep 3 2017 07:36PM

Many judgments and tax liens against people will no longer be reported on their credit reports by the three biggest credit reporting agencies. As a result, anyone with these kinds of negative entries may be in for a boost in their credit score.

This is because the major credit bureaus are going to start using tougher rules on which public records they report. Inaccurate information has always been a problem. Now the agencies are going to start using only citations from the public records that include either the date of birth or the social security number in addition to the name and address.

This may make it easier for people to rebuild their credit after a bankruptcy. If some judgment and liens are not reported, the “bounce” from having your debts are discharged will have a larger impact on your credit score.

It will still be smart to take active steps to rebuild your credit after a bankruptcy such as careful use of your credit and development of a history of paying on time. However, in addition to reducing the chances of inaccurate reporting, it may make it easier to get a fresh start so that you can have a normal financial life once again.

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