Tag Archives: CreditScore

Why Many Civil Judgments and Tax Liens Have Dropped from Credit Reports

Posted on July 17, 2017 by The Sader Law Firm

As of July 1st, the three credit reporting agencies (TransUnion, Experian and Equifax) will no longer include civil judgments and tax liens on credit reports unless they contain accurate identifying information for affected consumers. Unless this data contains a Social Security number, date of birth, name and address, it will not be listed on the report. These credit bureau changes will affect millions of Americans. According to a study conducted by Fair Isaac Corporation, the company that created the widely-used FICO models, 7 percent of the 220 million Americans with credit files will see their scores increase. An estimated 96 percent of civil judgments and 50 percent of tax liens will be removed from credit reports. Civil judgments are what you owe after losing a lawsuit. Tax liens are a claim against one or more assets. The government may place a lien on these assets if you have failed to…
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Will Changes to the Three Credit Bureaus Improve My Credit Score?

Posted on June 21, 2017 by The Sader Law Firm

In the next few months, there will be changes to how your credit scores are calculated by the three major credit bureaus. Specifically, the bureaus will adopt the new VantageScore system. The following information will be treated differently under the new scoring system: Medical bills: VantageScore attaches less importance to unpaid medical bills. In fact, it will ignore debts that are less than six months old. This could make it easier for you to contest medical bills before they can damage your credit scores. In addition, past due medical bills will hurt your score less. Tax liens and civil judgments: VantageScore does not report civil judgments or tax liens unless those records contain certain identifying information. For example, they would have to include your name, address, birthday and Social Security number. These changes were also adopted by the new FICO scoring system. Credit utilization: Under VantageScore, a greater emphasis is…
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How Do You Remove Errors from Your Credit Report?

Posted on October 28, 2016 by The Sader Law Firm

The Wells Fargo scandal last month is a reminder that some people have incorrect information listed on their credit reports, which can be very harmful for consumers. Errors might include debts that are not yours or the wrong names, accounts or amounts owed – just to name a few examples. Some credit reports might show signs of identity theft. Fortunately, it is possible to remove errors from your credit report. If you plan to correct errors, first review our blog post on how to pull your credit history for free. Pulling your free annual credit report will let you know of any mistakes before they come back to haunt you later. After you have received your credit report, it is time to develop a strategy for removing errors. Write dispute letters: You can dispute errors by sending handwritten or typed letters to TransUnion, Equifax and Experian. If writing is not…
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