What Families in Financial Difficulty Should Know about Credit Reports and Credit Scores

This is an excellent article by the National Consumer Law Center that explains essential information about credit reports and credit scores. What Is a Credit Report? Your credit report is a record of how you have borrowed and repaid debts. Almost every adult  American has a credit file with each of the three major national credit bureaus: Experian, Equifax, and TransUnion. Many but not all creditors report each month electronically to one or more of the credit bureaus the status of each of their accounts. Your credit report is a record of the history and description of the status of...

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Credit Reporting Firms’ Changes are Boosting Credit Scores

  Attorneys general in various states sued the Big 3 credit reporting agencies beginning in 2015 alleging their reports included misleading information. The lawsuits were settled and the agencies agreed that they would not report a collection account when it was the only one on a person's report. They also agreed to remove non-loan items that had been sent to collection firms such as gym memberships, library fines, and traffic tickets. They also agreed they would not report medical debt that had been paid by insurance. Beginning in 2017, the Big 3 began removing tax-lien and civil-judgment data. Earlier this...

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Big Three CRAs Will Remove Many Tax Liens & Judgments from Credit Reports

Acting through their trade association, Experian, Equifax and TransUnion announced they will remove many tax liens and civil judgments from credit reports starting July 1, 2017. This will improve credit scores of millions of people. The data will disappear if it does not include a complete list of at least three data points: a person’s name, address and either a social security number or date of birth. Many liens and most judgments don’t include all three or four. This change will apply to new tax-lien and judgments added to credit reports as well as existing data on the reports. In addition, if public...

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Millions of Consumers Are “Credit Invisible”

Millions of Consumers Are “Credit Invisible” The Consumer Financial Protection Bureau has a report on the 26 million Americans who are “credit invisible.” The Bureau found that one in every 10 adults do not have any credit history with a nationwide consumer reporting agency. About 189 million Americans have credit records that can be scored. The report also found that Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more likely to have no credit history with a nationwide consumer reporting agency or not enough current credit history to produce a credit score. Another 19 million consumers have unscored...

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Credit Reporting by Mortgage Companies After Short Sales

Credit Reporting by Mortgage Companies After Short Sales In recent years, thousands of California homeowners sold their homes in short sales. In a short sale, the borrower sells the home to a third party for an amount that falls short of the outstanding loan balance. An open question has been whether the bank or mortgage company may collect the balance of the account from the borrower (absent an agreement to waive the balance). On January 21, 2016, the California Supreme Court held that no deficiency results after a short sale of an owner occupied property of four units or less....

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